The
naira has made a rapid improvement against the dollar following Central
Bank of Nigeria's decision to inject 547 million dollars into the
market.
Currencies
The Naira on Thursday closed at N362 to a dollar as supply by the
apex bank 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. In
anticipation of Sallah holiday, the Central Bank of Nigeria (CBN) on
Thursday raised the total intervention for the week to 547 million
dollars as against 195 million dollars offered the previous week.
The CBN spokesman, Mr Isaac Okorafor in a statement in Abuja, said
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.
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