Naira crashes for the first time this week despite CBN $195m supply

Naira crashes for the first time this week despite CBN $195m supply

- The Naira has crashed against Dollar but stayed unchanged against Pound and Euro at parallel market

- Trading at the parallel market saw the Naira close at N370/$1 today, June 22, 2017

- The Pound Sterling and the Euro closed at N465 and N410 respectively

The Nigerian Naira on Thursday, June 22, crashed slightly against the American Dollar at the parallel market.

According to NAIJ.com findings, the Naira weakened to N370 per Dollar in the parallel market from the previous rate of N367.

At the Bureau De Change (BDC) window, the Dollar was sold at N370, while the Pound Sterling and the Euro closed at N465 and N410, respectively.

Naira maintains strength against Dollar at parallel market

Naira crashes against Dollar at parallel market

The depreciation comes at a period when the Central Bank of Nigeria (CBN), injected 195 million dollars into the market to meet the requests of customers in the various segments of the market.

The acting director, corporate communications, Isaac Okorafor, in a statement on Monday, June 19, in Abuja said that the bank would soon introduce a new FOREX retail option.

Okorafor said the apex bank offered 100 million dollars to authourised dealers through interbank wholesale window, while it allocated 50 million dollars to Small and Medium Enterprises (SMEs) window.

The CBN spokesperson said the bank would continue to ensure adherence to its forex policy by insisting on transparency by stakeholders to guarantee stability in the market.

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CBN made two major interventions in the inter-bank Forex market last week, totaling 831.5 million dollars.

Do you think N1 can ever be $1 again at Forex Market? Watch Nigerians respond to this question in the video below.

Source: Naija.ng

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