Naira maintains strength against Dollar, Pound and Euro at parallel market

Naira maintains strength against Dollar, Pound and Euro at parallel market

- Naira has stayed strong against the Dollar at parallel market

- The Nigerian currency traded at N362, N500 and N442 against the Dollar, Pound Sterling and Euro respectively

- The recent appreciation of the Naira can be attributed to intervention of the CBN at the foreign exchange market

The Nigerian Naira on Wednesday, March 7, retained its strengthened rate at the parallel market against Dollar.

According to findings, the local currency maintained the same rates of N362 against Dollar, N500 per Pound rate and N442 per Euro as it closed on Tuesday, March 6.

Meanwhile, the Central Bank of Nigeria (CBN) on Tuesday, March 6, gave a boost of 210 million dollars to the interbank foreign exchange market.

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The Acting Director, Corporate Communications, Mr Isaac Okoroafor in a statement in Abuja, said the CBN offered 100 million dollars to authorised dealers in the wholesale segment of the market.

Naira maintains strength against Dollar at parallel market
Naira maintains strength against Dollar

He said also that the Small and Medium Scale Enterprises (SMEs) segment received 55 million dollars, while another 55 million dollars was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).

Okoroafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market, in line with its determination to sustain liquidity in the market and maintain stability.

He said further that the steps taken so far by the bank in the management of foreign exchange had paid off, as reflected by reductions in the country’s import bills and accretion to its foreign reserves.

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