Naira slightly appreciates against Dollar as CBN sustains intervention at forex market

Naira slightly appreciates against Dollar as CBN sustains intervention at forex market

- Naira ends the week on a high note as it record slight gain against Dollar

- The Nigerian currency gained 1 point to close at N367 to a Dollar

- Currency traders believe the Naira would witness greater stability in the coming months as the CBN continues its intervention

The Nigerian Naira on Friday, July 14, recorded further gains against the American Dollar at the parallel market.

The Nigerian currency gained 1 point to close at N367 to a Dollar, stronger than N368 recorded on Thursday, July 13.

However, the Naira stayed unchanged against the Pound and Euro, as it closed the day at N472 and N420 against the Pound Sterling and the Euro respectively.

Today's rate. Photo: NAIJ.com

Today's rate. Photo: NAIJ.com

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At the Bureau De Change Window (BDC), the Naira exchanged at N363 to the Dollar, while the Pound sterling and the Euro was sold at N417 and N415 respectively.

Trading at the interbank market saw the Naira closed at N306, while the Naira traded at N362.8 to the Dollar at the investors’ window.

According to traders at the market, the Naira would witness greater stability in the coming months, as the Central Bank of Nigeria (CBN) continues its intervention.

This was disclosed by Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON).

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Gwadabe said that in Lagos that the sustained injection of liquidity to the nation’s foreign exchange market had paralysed the activities of speculators.

Since the Naira dropped to a record low of N520/$1 in February, the CBN has injected a total of $7.766 billion into the foreign exchange market.

A breakdown of the dollar sales showed that $680 million was pumped into the market in February; $1.542 billion was sold in March; $1.616 billion in April; $2.102 billion in May; and $1.436 billion in June and $390 million in the first week of July.

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Source: Naija.ng

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