Naira Now Trades At ₦380/$ From ₦525/$ ‘A Month Ago’ As CBN Pumps Another $100M

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Naira Weakens Further Against 3 Major Currencies At Parallel Market

The naira has continued to flourish as it sold for between N380 and N385 in Lagos on Thursday, stronger than N399 from the previous day.

ThisDay gathered that currency speculators and others who had stockpiled the greenback have continued to count their losses on Thursday, when the local currency extended its gains on the parallel market and inched closer towards a convergence between the street price for the dollar and the rate offered by the Central Bank of Nigeria (CBN) for invisible transactions.

It was gathered that the foreign exchange rate for invisibles has remained at N375 since the CBN announced new policy measures for the FX market a month ago.

Nigeria’s apex bank also sustained its intervention by auctioning an additional $100 million through wholesale FX forwards to banks for onward sale to their customers in all sections of the economy.

Out Of the $100 million offered by the CBN, $91 million was taken up by currency dealers.

Speaking on the development, CBN spokesman Isaac Okorafor said dealers would get value for their respective bids on Friday.

He disclosed that the highest and marginal bid rates were N330/$1 and N320/$1, respectively, adding that no intervention was made by the central bank to meet requests for invisibles on Thursday.

On the parallel market, the nation’s currency has appreciated by 27 per cent, or about N140, from N525 to a dollar a month ago.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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