Naira Soars Against Major Foreign Currencies at Black Market

By Modupe Gbadeyanka

The Nigerian currency yesterday performed well at the parallel market by recording a slight appreciation against major foreign currencies at the market.

Specifically, the Naira gained N2 at the market on Wednesday against the Dollar to close at N366 in contrast to N368 per Dollar it traded on Tuesday.

Business Post recalls that on Monday, the Central Bank of Nigeria (CBN) intervened at the foreign exchange (Forex) market with the release of $250 million.

This seems to have had a positive effect on the market as the local currency also chalked up N2 against the Euro to close at N432 compared with N434 the previous day.

For the Pound Sterling, the Naira upped its game with the appreciation of N3 to trade at N472 against N475 it went for on Tuesday.

Monday’s release of $250 million to the inter-bank foreign exchange market by the CBN was part of its efforts to intervene in the market so as to boost liquidity.

A breakdown of the intervention showed that the wholesale segment received $100 million, while the Small and Medium Enterprises (SMEs) got $85 million, and the invisible segments was allotted $65 million.

Acting Director, Corporate Communications Department at the CBN, Mr Isaac Okorafor, assured consumers of the apex bank’s determination to continue with the interventions to sustain the present stability.