Naira maintains rate against dollar at parallel market

Naira maintains rate against dollar at parallel market

- The local currency maintains the same rate against Dollar at parallel market

- The local currency, however, appreciated against Pound and slipped against Euro

- The Naira closed at N362 to a Dollar, N425 to Euro while the Pound traded at N488

The Nigerian Naira on Wednesday, June 13, retained its depreciated rate at the parallel market against Dollar.

According to findings, the local currency maintained the same rates of N362 against Dollar as it was Tuesday, June 13, but appreciated against the Pound to 488 and slipped to N425 to Euro.

Meanwhile, the Central Bank of Nigeria (CBN) on Tuesday, June 12, injected 210 million dollars to meet customers’ requests in various segments of the foreign exchange market.

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The acting director, corporate communications, CBN, Isaac Okorafor in a statement in Abuja said the bank offered 100 million dollars to authorised dealers in the wholesale segment of the market.

Naira maintains rate against dollar at parallel market

Naira maintains rate against Dollar

He said that the Small and Medium Enterprises (SMEs) segment got 55 million dollars, while another 55 million dollars was allocated for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Okorafor reiterated the bank’s commitment to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

He said that the CBN would sustain its strategic management of the foreign exchange market with a view to reducing the country’s import bills and halt depletion of its foreign reserves.

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