Naira regains strength against Dollar, Pound at parallel market

Naira regains strength against Dollar, Pound at parallel market

- The Naira has gained strength against the Dollar and Pound at parallel market

- This comes as the CBN gets set to inject more foreign exchange through intervention segments of the market

- Currency traders said the liquidity boost at the FOREX market had forced the Naira to appreciate

The Naira on Tuesday, May 9, appreciated against the American Dollar at the parallel market.

The Nigerian currency gained three points to exchange at N388 to the Dollar, stronger than N391 it traded on Monday, May 8, while the Pound Sterling and the Euro closed at N492 and N425 respectively from the previous rate of N495 and N430.

At the Bureau De Change (BDC) window, the Naira was sold at N362 to the Dollar, while the Pound Sterling and the Euro closed at N495 and N423.

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Dollar to Naira

Dollar to Naira

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Trading at the interbank market showed that the Naira closed at N305.7, while the Pound Sterling and the Euro closed at N453.18 and N386.28.

Currency traders said the liquidity boost at the FOREX market had forced the Naira to appreciate.

Earlier, NAIJ.com had reported that the Central Bank of Nigeria (CBN) is set to inject more foreign exchange through intervention segments of the market, thereby heightening expectations that the Naira will appreciate significantly during the week.

The spokesman of the apex bank, Isaac Okorafor, confirmed the anticipated interventions in most segments of the market during the week, with effect from yesterday, May 8.

According to him, the Bureau De Change (BDC) and the Small and Medium Scale Enterprises (SMEs) along with other major segments will also receive the adequate intervention with a view to providing liquidity in the entire foreign exchange market.

NAIJ.com can also report that Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange Bureau De Change and a rate for foreign school fees.

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Source: Naij.com

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