The Nigerian Naira, on Friday, June 9, at the parallel segment of the foreign exchange market, traded between the rate of N365-N370 against the United States of America Dollar.
The local currency had on Thursday traded stable at N365 per dollar in the black market, same rate as Wednesday. The apex bank sold $20,000 to each of the 1,345 BDCs across the country on Tuesday.
The central bank has consistently intervened in the foreign exchange market since February and has sold more than $4 billion to various sectors of the economy.
Meanwhile, the nation’s external reserve continued its downward spiral, sliding to $30.29 billion in the first week of June.
Data from the apex bank showed that the external reserve dipped by $40 million in the first six days of June. It dropped from $30.329 billion at the end of May to $30.289 billion as at June 6.
