Naira Gains Strength as CBN Injects More Dollars in Forex Market

The Central Bank of Nigeria on Thursday injected more dollars into forex market thus raising the total intervention for the week to 547 million dollars as against 195 million dollars offered the previous week.
The CBN spokesman, Isaac Okorafor in a statement in Abuja, said this was done in anticipation of the Sallah holiday, adding that the intervention would uplift the Naira exchange rate, boost liquidity in the forex market and ensure timely execution and settlement of eligible transactions.
Okorafor, also expressed confidence that the interventions would continue to guarantee stability in the market and ensure availability to individuals and business concerns with genuine demand for Forex transactions.
Meanwhile, the Naira on Thursday closed at N362 to a dollar as supply by CBN improves. This is a far improvement over the N370 it was selling earlier in the week.
Also, the Pound Sterling and the Euro have maintained their strength against the Naira, exchanging at N462 and N428 respectively.

Author: News Editor

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