– The local currency has stayed strong after CBN’s intervention in the foreign exchange market
The Nigerian Naira on Wednesday, August 2, maintained its strength at the parallel market as it stayed unchanged against the Dollar and Euro.
According to ZENITHBLOG.com’s findings, the local currency closed the day at N363, N473 and N422 against the Dollar, Pound Sterling and the Euro respectively.
Today’s Naira rate Photo: Zenithblog.com
Recall that the CBN at the beginning of the week, injected $195m into the inter-bank forex market to meet the requests of customers in the various segments of the market.
A breakdown of this showed that while it offered $100 million in wholesale auction at the interbank foreign exchange market, it also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45 million, respectively.
Do you think N1 can ever become $1 again at Forex Market? Watch Nigerians respond to this question
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