Naira strengthens against Dollar and Pound as CBN sells $100 million to authorised dealers
- The Naira has maintained its rate against the major foreign currency at the parallel market
- The Nigerian currency trades at N363, N475 and N426 against the Dollar, Pound Sterling and Euro respectively
- CBN has reiterated it’s determination to sustain the provision of foreign exchange
The Nigerian Naira on Wednesday, October 26, maintained its rate against the American Dollar, Pound Sterling and Euro at the parallel market.
According to NAIJ.com findings, the local currency has strengthened to N363 per US dollar.
The Naira also appreciated to N426 against the Euro from the previous rate of 425, while the local currency appreciated to N475 against the Pound from the previous rate of N478.
Naira maintains rate against major foreign currency
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The Central Bank of Nigeria (CBN) on Monday, October 23, injected the sum of $195 million into the interbank foreign exchange (forex) market.
Figures obtained from the Bank indicated that the central bank offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium scale enterprises (SMEs) segment received the sum of $50 million.
Can 1 Naira ever become 1 US dollar again on the Forex market? - on NAIJ.com TV.
Source: Naij.com