– Naira has stayed strong against the Dollar at parallel market
– Nigerian Naira has also appreciated to N436 against Euro
– The recent appreciation of the Naira can be attributed to intervention of the CBN at the foreign exchange market
The Nigerian Naira on Tuesday, September 26, retained its strengthened rate at the parallel market against Dollar.
According to ZENITHBLOG.com findings, the local currency maintained the same rates of N366 against Dollar, N492 against Pound at the parallel market as it was on Friday, September 202, but appreciated against the Euro to N436.
Naira appreciates against Euro
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Meanwhile, the Central Bank of Nigeria (CBN) on Monday boosted the Foreign Exchange (Forex) market by offering a 195 million dollars in three segments of the Forex market.
The acting Director of Corporate Communications, Mr Isaac Okorafor, in a statement, said it auctioned 100 million dollars at the wholesale Secondary Market Intervention Sales (SMIS) window of the inter-bank Foreign Exchange market.
He said that the apex bank also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with 50 million dollars and 45 million dollars.
Can N1 ever become $1 again at Forex Market? Watch Nigerians respond to this question:
Source: Zenithblog.com
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