Naira strengthens at parallel market as CBN injects fresh $195m

Naira strengthens at parallel market as CBN injects fresh $195m

- Naira appreciates to N364 per Dollar at black market

- This comes after the CBN injected $195m into the inter-bank forex market

- 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

The Nigerian Naira on Tuesday, June 20, made significant gain at the parallel market as the Central Bank of Nigeria (CBN) injected $195m into the inter-bank forex market to meet the requests of customers in the various segments of the market.

According to NAIJ.com findings, the Naira gained three points to move up to N364 per Dollar in the parallel market from the previous rate of N367.

It was gathered that the appreciation was due to weak demand for Dollar.

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Naira strengthens at parallel market as CBN injects fresh $195m

Naira strengthens at parallel market as CBN injects fresh $195m

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The recent appreciation also comes at a period the acting director, corporate communications of (CBN), Isaac Okorafor disclosed that the CBN offered $100 million to authorized dealers interbank wholesale window, while it allocated the $50 million to the Small and Medium Enterprises (SMEs) window.

Okorafor also said that the invisibles segment was allocated the sum of $45 million to meet the needs of those who applied for Forex to settle Business/Personal Travel Allowances, school tuition, and medicals, etc.

Meanwhile, the naira continued to maintain its stability in the parallel market against the Pound and Euro, exchanging at N465 against Pound and N410 against Euro.

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.

Do you think N1 can ever be $1 again at Forex Market? Watch Nigerians respond to this question

Source: Naij.com

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