- Nigerian Naira on Thursday, July 20 tumbled to N366 per US dollar at the parallel market
- The Nigerian currency also depreciated against the Pound to N470
- The central bank has vowed to continue with its intervention at the foreign exchange market
The Nigerian Naira on Thursday, July 20, fell slightly against the American Dollar at the parallel market.
The Nigerian currency lost one point to close at N366 to the Dollar from the previous rate of N367.
The local currency depreciated against the Pound to N470, while it stayed unchanged against the Euro trading at N420.
Meanwhile the Central Bank of Nigeria said it has sold a total of $2.64bn to authorised dealers in May.
According to the CBN’s Economic report for May, the amount indicated 70.8 per cent and 106.1 per cent increase above the levels in the preceding month and the corresponding period of 2016 respectively.
The bank attributed the development to the increase in inter-bank sales, matured forwards contracts and Bureau De Change sales during the period under review.
It explained that of the aggregate sales, forwards contracts disbursed at maturity were valued at $1.85bn or 70.1 per cent of the total, while inter-bank sales amounted to $0.65bn or 24.7 per cent.
The apex bank said the balance of $0.14bn or 5.2 per cent of the total was accounted for by sales to BDCs.
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