– The Naira has gained strength against the major foreign currency at the parallel market
– The Nigerian currency trades at N363, N480 and N421 against the Dollar, Pound Sterling and Euro respectively
– CBN has reiterated it’s determination to sustain the provision of foreign exchange
The Nigerian Naira on Wednesday, October 4, appreciated against the American Dollar, Pound Sterling and Euro at the parallel market.
According to ZENITHBLOG.com findings, the local currency has strengthened to N363 per US dollar as against the N364 rate it was on Tuesday, October 3.
The Naira also appreciated to N421 against the Euro from the previous rate of 427, while the local currency appreciated to N480 against the Pound from the previous rate of N485.
Naira appreciates against Dollar
Meanwhile in continuation of its effort to sustain foreign exchange (forex) liquidity in the country, the Central Bank of Nigeria (CBN) on Tuesday, October 4, intervened in the interbank forex market to the tune of $195 million.
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Figures released by the Bank showed that it offered the total sum of $100 million to the wholesale segment, while the small and medium scale enterprises (SMEs) segment received the sum of $50 million.
The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.
Isaac Okorafor, CBN acting director, corporate communications, while confirming the figures, said the CBN was pleased with the state of the forex market, adding that the paex would continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.
Can 1 Naira ever become 1 US dollar again on the Forex market? – on ZENITHBLOG.com TV.
Source: Zenithblog.com
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