Naira maintains strength against Dollar second day in a row

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– The local currency stays unchanged against Dollar, Pound

– The Naira closed at N370 to a Dollar, while the Pound and the Euro traded at N477 and N433, respectively

– The Central Bank of Nigeria (CBN) had earlier resolved to ensure that there was sustained liquidity in the market

The Nigerian Naira on Tuesday, August 22, slipped against the Euro at the parallel market, while retaining its strength against the American Dollar.

According to ZENITHBLOG.com findings, the local currency maintained the same rates of N370 against Dollar, N477 against Pound and N433 against Euro at the parallel market.

Meanwhile the Central Bank of Nigeria (CBN) on Monday, August 21, offered 195 million dollars in three segments of the Foreign Exchange Market (Forex) to boost liquidity in the operation.

Dollar to Naira

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Mr Isaac Okorafor, CBN’s

Acting Director, Corporate Communications Department, said that in the wholesale segment of the inter-bank Foreign Exchange market, it auctioned 100 million dollars and also intervened in the Small and Medium Enterprises (SMEs) with 50 million dollars.

He said the bank also offered the invisible segments, with 45 million dollars.

Okorafor said the bank had kept fate with its resolve to ensure that there was sustained liquidity in the market following pressures on the market from those seeking forex for school fees and vacations.

He stated that the bank would also ensure that genuine requests for FOREX were met, as well as improved liquidity and flexibility in the market.

Can N1 ever become $1 again at Forex Market? Watch Nigerians respond to this question:

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