Naira appreciates to N367/$1 as CBN sells $7.8billion to boost forex liquidity in 6 months

Naira appreciates to N367/$1 as CBN sells $7.8billion to boost forex liquidity in 6 months

- Naira enters new week on a high note

- The local currency has moved up to N367/$1 at parallel market

- The CBN has injected a total of $7.766 billion into the foreign exchange market since February

The Nigerian Naira on Monday, July 10, recovered from Friday’s marginal loss as the Central Bank of Nigeria (CBN) continued its aggressive interventions in the interbank and Bureau De change segment of the foreign exchange market.

According to NAIJ.com findings, the Naira has gained three points to close the day at N367/$1 as against the previous rate of N370/$1.

The local currency also appreciated against the Euro to close the day at N414 from the previous rate of N420. However, the Naira stayed unchanged at N470 against the Pound Sterling.

It was gathered that since the Naira dropped to a record low of N520/$1 in February, the CBN has injected a total of $7.766 billion into the foreign exchange market.

A breakdown of the dollar sales showed that $680 million was pumped into the market in February; $1.542 billion was sold in March; $1.616 billion in April; $2.102 billion in May; and $1.436 billion in June and $390 million in the first week of July.

Today's rate. Photo: NAIJ.com

Today's rate. Photo: NAIJ.com

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The $2.102 billion sold by the Bank in May was the highest in four months.

In May, the central bank sold dollars in eight different sessions. The improved liquidity in the forex market had seen a convergence of rates as the Naira sold at N367 to the dollar as at last week Friday, while the currency sold for N306 at the official market.

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Meanwhile, CBN governor Godwin Emefiele, while reacting to how far the CBN would go to sustain its market interventions, has said "the interventions will be more vigorous than before to underscore the fact that we are determined to ensure that the Nigerian economy recovers, by making sure that foreign exchange is made available to operators of the economy to conduct their businesses."

He however assured that the initiatives of the apex bank were to ensure that Nigerians with legitimate demand for foreign exchange were not excluded from the market.

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

Source: Naij.com

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