Naira Loses N4 Against Euro, Pound at Parallel Market

By Dipo Olowookere

It was a bad day for the Naira on Tuesday at the parallel segment of the foreign exchange market as it lost N4 against the Euro and British Pound Sterling.

The loss recorded by the local currency against these two key foreign currencies came a day after the Central Bank of Nigeria (CBN) released $250 million into the forex market.

Business Post reports that the Naira, which opened at the market yesterday at N432 per Euro, closed at N436 to the Euro at the parallel market.

Also, the local currency, which traded at N472 to the Pound on Monday, was exchanged at the market at N476 per Pound on Tuesday.

However, the Naira, against the Dollar, closed flat at the parallel market yesterday, trading N367 to the Dollar.

Business Post recalls that on Monday, when the CBN released another $250 million into the forex market, it promised that it would continue to intervene in the market to ensure stability.

Acting Director of Corporate Communications at the CBN, Mr Isaac Okorafor, had in a statement on Monday urged all to continue to adhere to the extant guidelines on the sale of forex at the market, maintaining that the apex bank had taken measures to check the activities of speculators and shield the currency from attacks, while also maintaining the international value of the Naira.

During Monday’s intervention, the wholesale sector was offered the sum of $100 million, while those at the Small and Medium Enterprises (SMEs) window received $80 million.

In addition, $70 million was released for the invisibles, which covers Business/Personal Travel Allowances, school tuition, medicals, etc.