Naira retains strength against Dollar, Pound, falls against Euro at parallel market

Naira retains strength against Dollar, Pound, falls against Euro at parallel market

- The local currency stays unchanged against Dollar and Pound

- The Naira closed at N368 to a Dollar, while the Pound and the Euro traded at N470 and N420, respectively

- The local currency has stayed strong after CBN's intervention in the retail segment of the foreign exchange market

The Nigerian Naira on Wednesday, July 12, retained its strengthened rate at the parallel market against Dollar and Pound.

According to NAIJ.com findings, the local currency maintained the same rates of N368 against Dollar, N470 against Pound at the parallel market as it was yesterday, July 11, but fell slightly against Euro.

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Naira appreciates against Dollar

Today's Naira rate. Photo: NAIJ.com

Meanwhile the Central Bank of Nigeria (CBN) on Monday, July 10, injected 142.5 million dollars into the inter-bank foreign exchange, days after intervening in the retail segment of the market with 254.3 million dollars.

The spokesperson of the apex bank, Mr Isaac Okorafor, in a statement, said the CBN would continue to carry out its regular mediation in the market to keep the market liquid and guarantee the international value of the naira in line with its mandate.

A breakdown of Monday’s intervention indicates that the Bank offered 100 million dollars to dealers in the wholesale segment, while it allocated 23 million dollars to the Small and Medium Enterprises (SMEs) segment.

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Okorafor said the CBN would not relent in ensuring transparency and efficiency in the sale of Forex.

Do you think N1 can ever become $1 again at Forex Market? Watch Nigerians respond to this question

Source: Naija.ng

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