– The local currency stays unchanged against Dollar and Euro at the parallel market
– The Naira closed at N367 to a Dollar, while the Pound and the Euro traded at N473 and N420, respectively
– This comes even as Nigeria’s inflation rate dropped again to 16.10% from 16.25% in May
The Nigerian Naira on Tuesday, July 18, retained its strengthened rate at the parallel market against Dollar and Euro.
According to ZENITHBLOG.com findings, the local currency maintained the same rates of N367 against Dollar, N420 against Euro at the parallel market as it was yesterday, July 17, but fell slightly against Pound.
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This comes even as the Central Bank of Nigeria (CBN), injected $195 million into the interbank foreign exchange market.
Today’s Naira rate Photo: Zenithblog.com
The Central Bank of Nigeria (CBN) on Monday, intervened in inter-bank Foreign Exchange Market with the supply of $195 million as part of efforts to stabilise the market.
The acting Director, Corporate Communications of the apex bank, Isaac Okorafor, in a statement, said $100 million was offered through the wholesale segment.
He said that Small and Medium Enterprises (SMEs) segment received $50 million, while tuition fees, medical payments and Basic Travel Allowance, BTA, among others, got $45 million.
Okorafor said that the CBN was pleased with the state of the market, and assured that the bank would continue to intervene in order to sustain liquidity in the market and guarantee international value of the naira.
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