Naira maintains strength against Dollar at parallel market
- The Naira maintains its new appreciated rate against Dollar at parallel market
- The local currency trades at N362, N502 and N444 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 Friday, March 23, retained its new strengthened rate at the parallel market against Dollar.
According to Legit.ng findings, the local currency maintained the same rates of N362 against Dollar, N502 per Pound rate and N444 per Euro it closed on Thursday, March 23.
Legit.ng previously reported that the Central Bank of Nigeria (CBN), on Monday, March 19, injected 210 million dollars into the inter-bank Foreign Exchange Market, in its bid to sustain liquidity in the foreign exchange market.
PAY ATTENTION: Read the news on Nigeria’s #1 new app
The acting director, corporate communications department, Isaac Okoroafor in a statement said that the move would ensure the continuous availability of foreign exchange to customers.
Giving a breakdown, Okoroafor said that the bank offered 100 million dollars to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment received 55 million dollars.
Can N1 ever become $1 again at Forex Market? Watch Nigerians respond to this question on Legit.ng TV.
Source: Legit.ng
