– The Naira has crashed against Pound Sterling and Euro
– The local currency stayed unchanged against the Dollar due to sales of the greenback to Bureaux De Change (BDCs) by the CBN
– This comes even as the CBN injected another $246.2 million into the foreign exchange market
The Nigerian Naira on Wednesday, April 26, crashed against the Pound Sterling and Euro, but stayed unchanged against the American Dollar at parallel market.
According to report, the Naira which closed on Tuesday, April 25, at N388 per Dollar stayed unchanged due to sales of the greenback to Bureaux De Change (BDCs) by the CBN.
However, the local currency crashed against the Pound Sterling to close at N495 from the previous rate of N490 and N420 against the Euro from N415.
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The development comes as the Central Bank of Nigeria (CBN) injected another $246.2 million into the foreign exchange market.
It was gathered that the apex bank continued with its intervention in the foreign exchange market by offering $246.2 million to authorized dealers at the forex auction in the interbank wholesale window, Small and Medium Enterprises (SMEs) and invisibles segments.
Confirming the development, Acting Director, Corporate Communications (CBN), Isaac Okoroafor said that the forwards sales would be concluded in the days to come.
However, he added that the CBN will continue its weekly sale to dealers in the Bureau De Change (BDC) segment this week in order to guarantee onward sale to end users.
Watch traders talk about what has changed in the market since President Muhammadu Buhari’s return from London.
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