- Naira starts the new week on an impressive note at parallel market
- The local currency has retained its rate of N367 per American Dollar at parallel market
- This comes even as the CBN plans to inject more dollars at the foreign exchange market
The Nigerian Naira on Monday, June 19 maintained its strengthened rate of N367 per American Dollar at the parallel market.
According to NAIJ.com findings, the local currency stayed firm at N367 against the greenback, a rate it has maintained since Wednesday, June 14.
The Naira also retained the N465 rate against the Pound and the N410 against the Euro.
However, research analysts have predicted that the Naira will make further gains this week.
This comes amidst the recent move by the Central Bank of Nigeria at the foreign exchange market to shore up the international value of the Naira.
Recall that at the start of last 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.
NAIJ.com can report that 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.
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