365

USD/NGN

Naira retains strength against American Dollar as CBN plans further appreciation

Naira retains strength against American Dollar as CBN plans further appreciation

- The Naira strong performance at the parallel market continues

- The local currency stayed firm at N368/$1 to close the month of June

- The CBN has expressed optimism that the nation’s currency will further appreciate in the coming months

The Nigerian Naira on Friday, June 30, maintained its strength against the American Dollar at the parallel market even as the Central Bank of Nigeria expressed optimism that the nation’s currency will further appreciate in the coming months.

According to NAIJ.com findings, the local currency stayed firm at N368/$1 as it was on Thursday, June 29 at the unofficial market. The Nigerian currency also maintained the same of N490 and N410 against the Pound and Euro respectively.

However, the Naira strong performance at the parallel market can be attributed to recent activities of the CBN.

Recall that the CBN recently sold $20,000 to each of the 3,145 Bureau De Change (BDCs) in continuation of its bi-weekly dollar sales to the BDC segment.

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Dollar to Naira

Dollar to Naira

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The apex bank also promised to boost Dollar supply at the foreign exchange market with the aim to sustain convergence of the rates on the official and parallel markets.

At the official market, the Naira closed the week at N305.9, against the Dollar.

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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NAIJ.com
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