Naira maintains strength against Dollar and Pound at parallel market

Naira maintains strength against Dollar and Pound at parallel market

- The local currency stays unchanged against Dollar and Pound for the third time this week at parallel market

- The local currency, however, appreciated against Euro

- The Naira closed at N363 to a Dollar, while the Pound and the Euro traded at N500 and N428, respectively

The Nigerian Naira on Thursday, May 17, retained its strengthened rate at the parallel market against Dollar and Pound.

According to findings, the local currency maintained the same rates of N363 against Dollar, N500 against Pound at the parallel market as it was yesterday, May 16 but appreciated against the Euro to N428.

Meanwhile, the Central Bank of Nigeria (CBN) on Tuesday, May 15, injected $210 million into the inter-bank Foreign Exchange Market to boost liquidity in the system.

The acting director, corporate communications, Isaac Okorafor, in a statement in Abuja, said the CBN allocated 100 million dollars to dealers in the wholesale sector.

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

He said also the Small and Medium Enterprises (SMEs) segment and invisibles received 55 million dollars each.

Okorafor, said the continued interventions in the interbank foreign exchange market was mainly to ensure sustained liquidity and stability in the market.

According to him, the interventions by the CBN had impacted the market positively and guaranteed a stable exchange rate for the Naira, which has since stabilised the foreign exchange market.

He reiterated that the Bank’s interventions had reduced the country’s import bills and led to accretion to its foreign reserves.

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