Naira maintains strength against Dollar, slips against Pound at parallel market

Naira maintains strength against Dollar, slips against Pound at parallel market

- The local currency stays unchanged against Dollar and Euro

- The Naira closed at N367 to a Dollar, while the Pound and the Euro traded at N490 and N436, respectively

The Nigerian Naira on Wednesday, September 20, retained its strengthened rate at the parallel market against Dollar but slips against Pound Sterling.

According to NAIJ.com findings, the local currency maintained the same rates of N367 against Dollar, N436 against Euro at the parallel market as it was yesterday, September 19.

Naira maintains strength against Dollar at parallel market

Naira maintains strength against Dollar

Although the external reserves have reportedly hit $33bn, the Central Bank of Nigeria appears to be reducing its intervention, both in frequency and amount, in the foreign exchange market.

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The CBN has managed to keep the exchange rate within the 365/dollar to 370/dollar band in the past few months, thanks to the billions of dollar it injected into the market during the period.

An economic analyst, Mr. Johnson Chukwu, said the CBN remained the market maker in the country’s forex market.

As such, he said the regulator, to a large extent, would continue to determine the naira/dollar exchange rate.

Can N1 ever become $1 again at Forex Market? Watch Nigerians respond to this question:

Source: Naij.com

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