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Naira stays unchanged against Dollar at parallel market

Naira stays unchanged against Dollar at parallel market

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

- The local currency, however, slipped against Pound

- The Naira closed at N366 to a Dollar, while the Pound and the Euro traded at N498 and N430, respectively

The Nigerian Naira on Thursday, May 24, retained its depreciated rate at the parallel market against Dollar.

According to findings, the local currency maintained the same rates of N366 against Dollar, N430 against Euro at the parallel market as it was yesterday, May 23, but slipped against Pound to N498.

Meanwhile, the Central Bank of Nigeria (CBN) has made available 210 million dollars to meet customers’ requests in various segments of the foreign exchange market, Isaac Okorafor, the acting director, corporate communications said in a statement.

Naira continues to slip against Dollar at parallel market

Naira continues to slip against Dollar

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Okorafor stated in the statement on Wednesday, May 23, in Abuja that CBN offered 100 million dollars to authourised dealers in the wholesale segment of the market.

He noted that the Small and Medium Enterprises (SMEs) segment got an allocation of 55 million dollars.

He added that customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated 55 million dollars.

Okorafor stated that the commitment to continue to intervene in the interbank foreign exchange market was in line with pledge to sustain liquidity in the market and maintain stability.

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

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