By Modupe Gbadeyanka
It was very bad day for the Naira yesterday at the parallel market segment of the foreign exchange (forex) market.
This was despite the $210 million injected into the interbank forex market on Monday by the Central Bank of Nigeria (CBN).
The intervention was aimed at sustaining the flow of Dollar at the forex market so as not to pile up more pressure on the Naira.
A total of $100 million wired to the wholesale market by the apex bank yesterday, while $55 million was sent to cater for small businesses, and $55 million was given to the invisibles, which cover school fees, travels, and medical bills.
But despite this intervention by the central bank, the Naira depreciated at the close of business yesterday at the black market.
Business Post reports that the Dollar opened at N363 on Monday morning, the same rate it closed last Friday, but lost N1 in the afternoon, closing in the evening at N364.
Also, the local currency started the day on a bad note against the Pound Sterling, opening at N486 in the morning in contrast to N485 it traded last Friday. By the close of business for the day, it was transacted at N486 per Pound.
In the same vein, the Nigerian currency lost a total of N2 against the Euro on Monday, trading at N432 in the morning against N431 it was sold last Friday and by afternoon, it was exchanged at N433 to the Euro, eventually closing at the same rate it was sold in the afternoon.
