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Good News As Naira Appreciates



The Nigerian Naira recovered from Friday’s marginal loss as the Central Bank of Nigeria (CBN) continued its aggressive interventions in the interbank and Bureau De change segment of the foreign exchange market. 

According to findings, the Naira has gained three points to close the day at N367/$1 as against the previous rate of N370/$1. 

Today's rate. Photo: NAIJ.com




The local currency also appreciated against the Euro to close the day at N414 from the previous rate of N420. 

However, the Naira stayed unchanged at N470 against the Pound Sterling. It was gathered that since the Naira dropped to a record low of N520/$1 in February, the CBN has injected a total of $7.766 billion into the foreign exchange market. 

Image result for Naira

A breakdown of the dollar sales showed that $680 million was pumped into the market in February; $1.542 billion was sold in March; $1.616 billion in April; $2.102 billion in May; and $1.436 billion in June and $390 million in the first week of July. 

The $2.102 billion sold by the Bank in May was the highest in four months. In May, the central bank sold dollars in eight different sessions. The improved liquidity in the forex market had seen a convergence of rates as the Naira sold at N367 to the dollar as at last week Friday, while the currency sold for N306 at the official market. 

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