Naira maintains strength against Dollar at parallel market

- The Naira maintains the same rate against Dollar, Pound and Euro at parallel market

- The local currency closed at N362 to a Dollar, N430 to Euro while the Pound traded at N500

The Nigerian Naira on Thursday, May 10, 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, N500 to £1 and N430 against Euro as it was yesterday, January 30.

Recall that the Central Bank of Nigeria (CBN) on Tuesday, May 8, boosted the inter-bank foreign exchange market with another 210 million dollars.

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The bank’s acting director, Corporate Communications, Isaac Okorafor, in a statement said that the apex bank offered 100 million dollars to authorised dealers in the wholesale segment of the market.

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

Can 1 Naira ever become 1 US dollar again on the Forex market? - on Legit.ng TV.

Source: Legit.ng