– Naira has appreciated to N368 per Dollar but depreciates against the Euro
– This comes after CBN injects fresh $250 million in continuation of its intervention in the forex market
– The local currency also closed the day at N475 against the Pound at parallel market
The Nigerian Naira on Wednesday, July 26, strengthened again against the American Dollar at the parallel market.
According to ZENITHBLOG.com findings, the Naira has gained two points to close the day at N368/$1 as against the previous rate of N370/$1.
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However, the Naira dropped one point to close the day at N434 against the Euro but stayed unchanged at N475 against the Pound Sterling.
Naira to Dollar
Meanwhile the Central Bank of Nigeria (CBN) has again intervened in the Inter-Bank Foreign Exchange Market to the tune of 250 million dollars.
The acting director, Corporate Communications Department (CBN) Isaac Okorafor, said the apex bank also sold $100 million and uplifted the Small and Medium Enterprises and invisible segments, with $85 million and $65 million respectively.
Okorafor said that the apex bank would pump even more liquidity into the market in the coming days, noting that the move by the CBN was necessary to enhance stability in the foreign exchange market.
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