– The Naira has gained 2 points from the previous rate of N367
– This comes after CBN injected $195 million last week in continuation of its intervention in the forex market
– The CBN has injected at least $8 billion into the foreign exchange market since February
The Nigerian Naira has appreciated at the parallel market even after the Central Bank of Nigeria injected $195 million last week in continuation of its intervention in the forex market.
According to ZENITHBLOG.com findings, the Naira has gained two points to close the day at N365/$1 as against the previous rate of N367/$1.
However, the Naira stayed unchanged at N470 against the Pound Sterling and N420 against Euro at the parallel market.
Today’s rate at parallel market. Photo: ZENITHBLOG.com
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ZENITHBLOG.com recalls that the CBN sold $195 million into the interbank forex market last week comprising $100 million for the wholesale segment, $50 million for the Small and Medium Enterprises (SMEs) segment, and $45 million for invisibles segment.
Since the Naira dropped to a record low of N520/$1 in February, the CBN has injected at least $8 billion into the foreign exchange market.
Do you think N1 can ever become $1 again at Forex Market? Watch Nigerians respond to this question.
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