- Nigerian Naira on Friday July 7 tumbled to N370 per US dollar at the parallel market
- The Nigerian currency also depreciated against the Pound and Euro to N470 and N420 respectively
- The central bank has vowed to continue with its intervention at the foreign exchange market
The Nigerian Naira on Friday, July 7, surprisingly slipped at the parallel market despite the Central Bank of Nigeria frequent injection of Dollar into the market to boost the green back liquidity.
At the start of the week, the apex bank had injected $195 million into various segments of the inter-bank foreign exchange market, leaving traders to express confidence in the ability of the apex bank to stabilise the market through its interventions.
But despite the Dollar supply, the local currency has dropped five points against the green back as it presently quoted at 370 to the Dollar at black market on Friday, July 7.
This is weaker than the 365 per Dollar it closed yesterday July 6.
The Nigerian currency also depreciated against the Pound and Euro as it presently quoted at N470 and N420 respectively from the previous rate of N468 and N412.
At the official interbank market, the Naira close at N306.20 against the Dollar, while the Pound sterling and the Euro traded at N395.59 and N347.38, respectively.
However, the central bank has vowed to continue with its intervention at the foreign exchange market.
Since the Naira dropped to a record low of N520/$1 in February, the CBN has aggressively intervened to try to narrow the spread between the official and black market rates and has sold more than $5 billion.
It has also sold dollars at special auctions to Nigeria’s manufacturers, airlines, fuel importers and agriculture businesses to clear a backlog of foreign exchange obligations due.
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