13 September 2017

Nigeria: Naira Falls to N367/Dollar At Parallel Market

Lagos — Naira against the Dollar at parallel market dropped to N367 as speculation over Dollar currency scarcity hits market. The naira traded at N366 against the Dollar and N367 in some parts of the country as against N365/N364 which it exchanged early in the week.

The Central Bank of Nigeria (CBN) on Tuesday intervened in the foreign exchange market on Tuesday, injecting $250 million. The naira thus exchanged for N476 against the pound from N472 the previous day and exchanged for N436 to the Euro as against N432 on Monday.

On the Investors & Exporters Foreign Exchange Window (IEFX), the Naira closed trading at N360.00 from N359.16 it opened for trading while daily turnover increased to $110.25 million. On the international market, the naira traded at N359.43 to a dollar as against N353.99 which it traded at on Monday. It traded at N476.78 to the British pound as against 467.08 on Monday and N425.24 to the euro as against N429.80 on Monday.

Acting director in charge of corporate communications, CBN, Mr. Isaac Okorafor, who disclosed this, reiterated that the interventions had ensured stability in the market, even as he stressed that the CBN remained committed to maintaining transparency in the market.

According to him, CBN had taken measures to check the activities of speculators and shield the currency from attacks, while also maintaining the international value of the Naira.

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