Naira appreciates to N363 against Dollar at parallel market

Naira appreciates to N363 against Dollar at parallel market

- Naira has appreciated to N363 per Dollar but remains unchanged against the Euro

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

- The local currency also closed the day at N475 against the Pound at parallel market

The Nigerian Naira has appreciated at the parallel market after the Central Bank of Nigeria injected another $195 million in continuation of its intervention in the forex market.

According to NAIJ.com findings, the Naira has gained two points to close the day at N363/$1 as against the previous rate of N365/$1.

However, the Naira stayed unchanged at N422 against Euro at the parallel market.

Naira appreciates to N363 against Dollar at parallel market

Today's rate at parallel market. Photo: NAIJ.com

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Meanwhile the Central Bank of Nigeria (CBN) Monday, July 31, intervened in the foreign exchange market with a total of $195 million.

A breakdown of this showed that while it offered $100 million in wholesale auction at the interbank foreign exchange market, it also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45 million, respectively.

Confirming the figures, the CBN Acting Director, Corporate Communications, Isaac Okorafor, reiterated that the bank’s intervention was in line with its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.

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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