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Wednesday, 5 July 2017

Naira maintains gain against the dollar as CBN continues injection into the interbank forex market

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The Naira on Wednesday appreciated marginally against the dollar at the parallel market.
The Nigerian currency traded at N365 to a dollar, stronger than N366 its closing rate on Tuesday, while the pound sterling and the Euro exchanged at N468 and N412, respectively.

The official interbank market saw the local curency closed at N305.50, while the pound sterling and the Euro traded at N395.59 and N347.38, respectively.
Meanwhile, the Central Bank of Nigeria (CBN), in continuation of its drive to ensure liquidity and stability in the foreign exchange (Forex) market, has injected the 195 million dollars into various segments of the inter-bank foreign exchange market.
Acting Director, Corporate Communications, Isaac Okorafor said that $100m was offered to authorised dealers in the wholesale window.
Similarly the Small and Medium Enterprises (SMEs) window was allocated the sum of $50m.
Those seeking forex for the purpose of business and personal travel, tuition and medical bills, among other invisibles, received the sum of $45m.
Okorafor said that the Bank’s continued intervention was aimed at strengthening the international value of the Naira, while ensuring accessibility to the greenback by customers who required it for genuine purposes.

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