Naira Sustains N367/$ As CBN Injects $250m Into Forex Market

Nigeria’s currency Naira remained stable at the parallel market, exchanging at N367 to a Dollar, on Monday, August 28, 2017.

The local currency maintained its Friday rate, while the Pound Sterling and the Euro traded at N478 and N433 respectively.

Trading at the Bureau De Change segment saw the Naira closing at N363 to the Dollar, while the Pound Sterling and the Euro traded at N478 and N433, respectively.

The Naira appreciated at the investors’ window closing at N359.58, stronger than N361.13, its opening rate.

Traders at the market expressed hopes that the Naira would remain stable in the days ahead.

Meanwhile, the Central Bank of Nigeria (CBN) has again intervened in the Inter-Bank Foreign exchange Market to the tune of 250 million dollars.

Yesterday, the acting director, corporate communications department of CBN, Isaac Okorafor, said the apex bank also sold $100 million and uplifted the small and medium enterprises (SMEs) and invisible segments, with $85 million and $65 million respectively.

Okorafor said the apex bank would pump even more liquidity into the market in the coming days, noting that the move by the CBN was necessary to enhance stability in the foreign exchange market.

He said in a bid to improve liquidity and ameliorate challenges encountered by critical stakeholders at this time of the year, the bank had ensured that pressures on the market from those seeking Forex for school fees and vacations were eased.

The CBN spokesman also said that the bank had kept faith with its resolve to ensure that there is sustained liquidity to meet genuine requests for foreign exchange.

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