Naira retains strength against Dollar as Nigeria comes out of recession

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– Naira has stayed strong against the Dollar and Euro at parallel market

– The Naira closed at N365 to a Dollar, while the Pound and the Euro traded at N470 and N430, 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, September 5, appreciated against the American Dollar and Euro at the parallel market but crashed against Pound Sterling.

According to ZENITHBLOG.com findings the local currency maintained the rate against the greenback to close the day at N365/$1.

Naira maintains strength against Dollar

Meanwhile the Central Bank of Nigeria (CBN) last week raised the total intervention for the week to 547 million dollars as against 195 million dollars

offered the previous week.

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The CBN spokesman, Mr Isaac Okorafor in a statement in Abuja, said that the intervention would uplift the Naira exchange rate, boost liquidity in the forex market and ensure timely execution and settlement of eligible transactions.

Okorafor, also expressed confidence that the interventions would continue to guarantee stability in the market and ensure availability to individuals and business concerns with genuine demand for Forex transactions.

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

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