– The local currency depreciated comes at a period the CBN injected $195 million in the forex market
– The apex bank has been intervening on the official market in the last few months to try to narrow the spread between rates on the official market and black market
The Nigerian Naira has slightly depreciated at the parallel market even after the Central Bank of Nigeria (CBN) injected $195 million last week in continuation of its intervention in the forex market.
The Naira depreciated by N1 at the parallel market as the exchange rate for the market dropped to N365 per dollar from N364 per dollar yesterday.
The local currency also appreciated by N1 against the Pound at the parallel market as the exchange rate gained strength to N474 from N475 per Pound yesterday.
Today’s rate at parallel market. Photo: ZENITHBLOG.com
However, the Naira maintained the N424 rate it traded against the Euro.
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.
Do you think N1 can ever become $1 again at Forex Market? Watch Nigerians respond to this question
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