Naira Appreciates Against Dollar In Parallel Market

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The Naira on Thursday appreciated against the dollar in the parallel market.

The local currency appreciated by N1 in the parallel market segment.

Naira exchange rate dropped to N366 per dollar from N367 on Wednesday.

Analysts say Central Bank of Nigeria (CBN) intervention on Monday – supply of 195 million dollars – stabilised the market.

CBN spokesman, Isaac Okorafor, in a statement, said 100 million dollars was offered through the wholesale segment.

He said that Small and Medium Enterprises (SMEs) segment received 50 million dollars, while tuition fees, medical payments and Basic Travel Allowance (BTA), among others, got 45 million dollars.

Okorafor said that the CBN was pleased with the state of the market, and assured that the bank would continue to intervene in order to sustain liquidity in the market and guarantee international value of the naira.

He said the apex bank remained determined to achieve its objective of rates convergence, “hence the unrelenting injection of intervention funds into the foreign exchange market’’.




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