Naira Gains N4 Against Euro at Black Market as CBN Holds Rates

By Modupe Gbadeyanka

The Nigerian local currency performed well on Tuesday at the parallel market against the Euro, gaining N4 at the close of transactions.

Business Post reports that the Naira, which opened the day at N440 per Euro, closed today at N336 to the Euro.

This growth recorded by the local currency occurred as the Central Bank of Nigeria (CBN) announced retaining the benchmark interest rate at 14 percent after its Monetary Policy Committee (MPC) meeting today.

However, at the close of trading at the black market on Tuesday, the Naira closed flat against the two other major currencies, the Dollar and the British Pound.

Our correspondent reports that the Naira finished at the market today at N366 per Dollar, while its closed at N492 to the Pound.

Yesterday, the CBN released the sum of $195 million into the forex market to meet the demands of customers and sustain the forex liquidity at the market.

It was gathered that the central bank gave the wholesale Secondary Market Intervention Sales (SMIS) segment $100 million, while the Small and Medium Enterprises (SMEs) window got $50 million, and the invisibles had $45 million.