Despite CBN intervention, Naira slips against Pound and Euro at parallel market
- The local currency stays unchanged against Dollar for the fourth time this week at parallel market
- The local currency however appreciated against Euro and Pound
- The Naira closed at N365 to a Dollar, while the Pound and the Euro traded at N472 and N432, respectively
The Nigerian Naira on Thursday, September 7, retained its strengthened rate at the parallel market against Dollar.
According to dailyvives. blogspot.com findings, the local currency maintained the same rates of N365 against Dollar, N470 as it was yesterday, September 6, but appreciated against Euro and Pound.
Naira maintains strength against Dollar
Traders said that activities at the market was yet to resume fully as most traders were yet to come come back from the Sallah break.
Last week the Central Bank of Nigeria (CBN) 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.
Can N1 ever become $1 again at Forex Market? Watch Nigerians respond to this question:
Comments
Post a Comment