Naira stays strong against Dollar, slips against Euro
- The Naira maintains its strengthen rate against the American Dollar at parallel market
- The Naira closed at N362 to a Dollar, while the Pound and the Euro traded at N502 and N445, respectively
- This comes as a result of Central Bank of Nigeria’s regular interventions through the injection of dollars into the market
The Nigerian Naira on Tuesday, March 20, retained its strengthened rate at the parallel market against Dollar.
According to NAIJ.com findings, the local currency maintained the same rates of N362 against Dollar at the parallel market as it was yesterday, March 19, but fell slightly against Euro.
NAIJ.com previously reported that the Central Bank of Nigeria (CBN), on Monday, March 19, injected 210 million dollars into the inter-bank Foreign Exchange Market, in its bid to sustain liquidity in the foreign exchange market.
Naira continues to retain strength against Dollar
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The acting director, corporate communications department, Isaac Okoroafor in a statement said that the move would ensure the continuous availability of foreign exchange to customers.
Giving a breakdown, Okoroafor said that the bank offered 100 million dollars to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment received 55 million dollars.
Can 1 Naira ever become 1 US dollar again on the Forex market? - on NAIJ.com TV.
Source: Naija.ng