JUST IN: Naira crashes against Dollar, Pound, despite fresh CBN $195m supply at forex market

JUST IN: Naira crashes against Dollar, Pound, despite fresh CBN $195m supply at forex market

- The Naira has crashed against Dollar but stayed unchanged against Euro at parallel market

- Naira has dropped one point to close the day at N366/$1 from N365/$1

- The Pound Sterling and the Euro closed at N470 and N410 respectively

The Nigerian Naira on Tuesday, July 4, crashed slightly against the American Dollar at the parallel market.

According to NAIJ.com findings, the Naira weakened to N366 per Dollar in the parallel market from the previous rate of N365.

The local currency also weakened against the Pound Sterling to trade at N485 as against the previous rate of N480.

Naira crashes against Dollar, Pound, despite fresh CBN $195m supply at forex market

Naira crashes against Dollar Tuesday, July 4 Photo source: NAIJ.com

Despite having the largest economy, Nigeria has been struggling with currency crisis brought on by low oil prices which have hammered its foreign reserves and created chronic dollar shortages.

The depreciation comes at a period when the Central Bank of Nigeria (CBN), injected the total sum of $195 million into various segments of the inter-bank foreign exchange market.

Authorised dealers in the wholesale window, received the sum of $100 million just as the Small and Medium Enterprises (SMEs) window was allocated the sum of $50 million.

Those seeking forex for the purpose of BTA/PTA, tuition and medical bills, among other invisibles, received the sum of $45 million.

Isaac Okorafor, CBN acting director, corporate communications, who confirmed the figures, said the bank’s continued intervention was aimed at strengthening the international value of the naira.

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He said this was also to ensure accessibility to the greenback by customers who required it for genuine purpose.

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

Source: Naij.com

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