Naira Closes At 363/$1 As CBN Boosts Forex Supply With $195m

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Naira Gains 'Overwhelmingly' Against Dollar [Nov. 8]

The Nigerian local currency Naira on Tuesday closed at 363 to the United States dollar at the parallel market as the Central Bank of Nigeria (CBN) intervened in the inter-bank foreign exchange market with the injection of another $195m.

Figures released by the bank on Tuesday showed that it offered the total sum of $100m to the wholesale segment, while the Small and Medium-scale Enterprises segment received the sum of $50m.

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The invisibles segment comprising tuition, medical payments and basic travel allowance received $45m.

Confirming the figures, the bank’s acting Director, Corporate Communications, Mr. Isaac Okorafor, explained that the intervention was in line with the CBN’s commitment to continue to ensure forex liquidity and meet legitimate demand.

Okorafor maintained that the CBN would continue to intervene in the nation’s forex market in order to sustain the liquidity in the market and guarantee the international value of the naira.

Meanwhile, the local currency closed at 360/$1 in the BDC segment of the market on Tuesday.

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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