Naira continues to retain strength against Dollar at parallel market

- The Naira maintains its strengthen rate against the American Dollar at parallel market

- The local currency however fell slightly against Pound

- The Nigerian currency trades at N362, N502 and N442 against the Dollar, Pound Sterling and Euro respectively

The Nigerian Naira on Thursday, March 8, maintains it's rate against the American Dollar which it traded at N362 as at Wednesday evening, March 7.

According to Legit.ng findings, the local currency maintained the rate N362 per US dollar at the parallel market but weakened against Pound.

Meanwhile, the Central Bank of Nigeria (CBN) gave a boost of 210 million dollars to the interbank foreign exchange market on Tuesday, March 6.

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The acting director, Corporate Communications, Isaac Okoroafor in a statement in Abuja, said the CBN offered 100 million dollars to authorised dealers in the wholesale segment of the market.

He said also that the Small and Medium Scale Enterprises (SMEs) segment received 55 million dollars, while another 55 million dollars was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).

Okoroafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market, in line with its determination to sustain liquidity in the market and maintain stability.

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Source: Legit.ng