Naira maintains strength against Dollar at parallel market

Naira maintains strength against Dollar at parallel market

- The consistent intervention of the CBN at the foreign exchange market has helped the Naira maintain its stability at the black market

- The CBN has injected more than $5 billion to various sectors of the economy since the Naira dropped to a record low of N520/$1 in February

- The Naira has maintained the same rate of N364/$1 against the greenback today, June 21, 2017

Following the consistent intervention of the Central Bank of Nigeria (CBN) at the foreign exchange market, the Nigerian Naira on Wednesday, June 21, maintained its strengthened rate against the American Dollar at the parallel market.

Recall that the CBN at the beginning of the week, injected $195m into the inter-bank forex market to meet the requests of customers in the various segments of the market.

This as expected, helped the value of the Naira at the unofficial market as the local currency gained three points to move up to N364 per Dollar in the parallel market yesterday, June 20, from the previous rate of N367.

Dollar to Naira

Dollar to Naira

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NAIJ.com can report that the Naira has maintained the same rate of N364/$1 against the greenback today, June 21, as the local currency also stayed firm against the Pound and Euro, exchanging at N465 against Pound and N410 against Euro as it was yesterday.

The recent stability of the Naira comes at a period when the acting director, corporate communications of (CBN), Isaac Okorafor disclosed that the apex bank offered $100 million to authorized dealers interbank wholesale window, while it allocated the $50 million to the Small and Medium Enterprises (SMEs) window and the sum of $45 million to meet the needs of those who applied for Forex to settle Business/Personal Travel Allowances, school tuition, and medicals, etc.

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NAIJ.com can report that since the local currency dropped to a record low of N520/$1 in February, the CBN has injected more than $5 billion to various sectors of the economy.

Watch Nigerians respond to this question if they think N1 can ever be $1 again at Forex Market?

Source: Naija.ng

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