Naira appreciates to N365/$1 at parallel market

Naira appreciates to N365/$1 at parallel market

- Naira has appreciated to N365 per Dollar

- The local currency also closed the day at N486 against the Pound and N428 aginst Euro at parallel market

- This comes after CBN injected another $195 million in continuation of its intervention in the forex market

The Nigerian Naira has gained strength at the parallel market for the first time in several weeks as it now trades at N365 per United States dollar on Wednesday, September 27.

According to NAIJ.com findings, the local currency also appreciated to N486 against the Pound sterling from N492 and N428 from N435 against the Euro.

Naira appreciates to N365/$1 at parallel market

Naira appreciates to N365/$1

This is coming after the Central Bank of Nigeria (CBN) on Monday, September 25, boosted the Foreign Exchange (Forex) market by offering a 195 million dollars in three segments of the Forex market.

The acting Director of Corporate Communications, Mr Isaac Okorafor, in a statement, said it auctioned 100 million dollars at the wholesale Secondary Market Intervention Sales (SMIS) window of the inter-bank Foreign Exchange market.

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He said that the apex bank also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with 50 million dollars and 45 million dollars.

Okorafor reiterated that the Bank’s intervention was to maintain its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.

He said the CBN would continue to work on achieving the objective of convergence of rates in the various segments of the market, and would continue to strive that the forex market guaranteed transparency in the sale of foreign exchange.

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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