- The Naira maintains its rate against the American Dollar at parallel market
- The local currency also maintains the same rate against Pound and Euro
- The Nigerian currency trades at N363, N514 and N445 against the Dollar, Pound Sterling and Euro respectively
The Nigerian Naira on Wednesday, April 18, retained its strengthened rate at the parallel market against Dollar.
According to Legit.ng findings, the local currency maintained the same rates of N363 against Dollar, N514 to £1 and N445 against Euro as it was yesterday, April 17.
Meanwhile, money market rates have responded to the financial system liquidity, which has remained above N500 billion, following mop-up by the Central Bank of Nigeria (CBN).
The Central Bank of Nigeria (CBN) in line with trend continued its weekly forex intervention sales, offering $210 million via the Wholesale Secondary Market Intervention Sales (SMIS); in its commitment to sustain liquidity levels and maintain stability in forex rate across all segments of the market. As a result, the naira was stable during the week, The Nation reports.
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The CBN’s spot rate opened the week at N305.60/$1 and appreciated to N305.55/$1 on Monday, April 16, but maintained this rate till the end of the week.
At the parallel market, rates started the week at N362.00/$1 but margially weakened by N1 to close at N363/$1 At the Investors and Exporters’ (I&E) Window, opened the week flat at N360/$1 and closed at the same rate by week-end.
Can 1 Naira ever become 1 US dollar again on the Forex market? - on Legit.ng TV.