BREAKING: Naira crashes again despite CBN's fresh Dollar supply

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The Nigerian Naira on Wednesday, April 5, crashed against the American Dollar at the parallel market.

According to reports, the local currency dropped eight points to exchange at N398 per Dollar as against N390 it went for a greenback on Tuesday, April 4.

The local currency also weakened against the Pound Sterling to trade at N485 as against the previous rate of N480.

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Dollar to Naira

However, the currency maintained the same black market rate of N415 against the Euro as it was yesterday.

The development comes just after the Central Bank of Nigeria (CBN) injected over $200m into the forex bank.

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The CBN on Tuesday, April 4, said that it will offer Dollar forwards to be delivered within two months to offset a backlog of matured foreign exchange obligations to manufacturers, airlines, fuel importers and agriculture businesses.

class="align-left">“Authorised dealers’ accounts with the central bank will be debited in full for the Naira equivalent of the dollar bid amount on a spot basis,” the bank said in a notice to commercial lenders.

“The central bank will settle the bids through forward settlements of two months,” added the bank, but did not specify the amount of dollars to be sold.

ZENITHBLOG.com has gathered that since the CBN announced a new foreign policy last month, the apex has pumped more than $2 billion into the market to ensure convergence of all segments of the market.

Last week, the apex bank announced that it had increased the foreign exchange amount to be sold to Bureau De Change operators to $10,000 per week from the initial $8,000.

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