Naira falls in black market amid CBN's boost

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– The Naira has crashed against Dollar but stayed unchanged against Pound and Euro at parallel market

– This comes even as the Central Bank of Nigeria injected a total of $7.766 billion into the foreign exchange market since February

– The Naira crashed to N368/$1, one point above the previous rate of N367/$1

The Nigerian Naira on Tuesday, July 11, fell slightly against the American Dollar at the parallel market.

The Nigerian currency lost one point to close at N368 to the Dollar from the previous rate of N367.

While the local currency stayed unchanged against the Pound Sterling and the Euro, trading at N470 and N418 respectively.

Naira falls to N368 per Dollar today July 11 Photo: ZENITHBLOG.com

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In May, the central bank

sold dollars in eight different sessions. The improved liquidity in the forex market had seen a convergence of rates as the Naira sold at N367 to the dollar as at last week Friday, while the currency sold for N306 at the official market.

The governor of the apex bank, Godwin Emefiele, in reaction to how far the CBN would go to sustain its market interventions, said: “the interventions will be more vigorous than before to underscore the fact that we are determined to ensure that the Nigerian economy recovers, by making sure that foreign exchange is made available to operators of the economy to conduct their businesses.”

Do you think N1 can ever become $1 again at Forex Market? Watch Nigerians respond to this question:

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