31 May 2017

Nigeria: Naira Watch - Naira Stable At N375/$

The naira Wednesday remained stable at N375 per dollar in the parallel market.

Vanguard survey revealed that the parallel market exchange rate which dropped to N375 per dollar on Tuesday rose to N377 per dollar yesterday morning before dropped back to N375 per dollar at the close of business.

The stability of the naira was buoyed by the sale of dollars to bureaux de change (BDCs) by the Central Bank of Nigeria (CBN) Wednesday. The apex bank sold $20,000 to each of the 3,145 BDCs across the country yesterday in continuation of its regular intervention in the foreign exchange market.

On Tuesday, the apex bank sold $482.6 million in the interbank foreign exchange market, comprising $285.8 million for Retail Secondary Market Intervention Sale (RSMIS), $100 million for Wholesale SMIS, $52 million for SMEs and $45 million for invisibles.

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