Naira retains strength against Dollar, Pound, Euro at parallel market as CBN pumps fresh $413.5m

Naira retains strength against Dollar, Pound, Euro at parallel market as CBN pumps fresh $413.5m

- The Naira has maintained the N367/$1 rate against the Dollar

- This comes even as the CBN injected $413.5 million at the foreign exchange market to guarantee liquidity in the market

- The apex bank has injected more than $5 billion to various sectors of the economy since the Naira dropped to a record low of N520/$1 in February

The Nigerian Naira on Thursday, June 15, retained its strength against the American Dollar, closing at N367/$1, the same amount it has been trading for the past 24 hours.

The local currency also maintained the N465 to one Pound and N407 against the Euro rates, as it was on Wednesday, June 14.

Recall that the Naira weakened to N370/$1 on Tuesday, June 13, after hitting its best rate of 2017 last week, trading at N362/$1.

However, the intervention of the Central Bank of Nigeria (CBN) at the foreign exchange market can be attributed as the reason for the recent appreciation of the Naira.

Dollar to Naira

Dollar to Naira

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Since the local currency dropped to a record low of N520/$1 in February, the CBN has injected more than $5 billion to various sectors of the economy.

At the start of the week, the apex bank injected $413.5 million at the foreign exchange market to guarantee liquidity in the market as well as shore up the international value of the Naira.

The intervention, which cut across various segments of the inter-bank forex market, was aimed at pushing for the convergence of various market rates and resumption of support for the Naira.

The move by the CBN seems to be working as Naira rates look to be converging at the parallel (unofficial), official markets.

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NAIJ.com can report that at the official foreign exchange market, the local currency exchange at N305.7 against the Dollar, N388.9 against the Pound and N342.6 against the Euro.

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.

Meanwhile, the CBN has vowed to continue the sale of $20,000 to each of the 3,145 BDCs across the country twice in a week.

Can N1 ever become $1 again at Forex Market? Watch Nigerians respond to this question

Source: Naij.com

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