The Nigerian Naira, on Wednesday, October 4, gained momentum against the United States of America Dollar, at parallel segment of the Nigerian Foreign Exchange Market.
The local currency gained one point to trade at the rate of N363 on Wednesday from the rate of N364 on Tuesday, against the greenback at the black market.
Against the British Pound Sterling, the naira exchanged at the rate of N480 at the parallel market and traded at the rate ofN421 against European Single Currency.
The naira has gained grounds at the market as the Central Bank of Nigeria, CBN has sustained its boost at the foreign exchange market.
Meanwhile in continuation of its effort to sustain foreign exchange (forex) liquidity in the country, the apex bank on Tuesday, October 4, intervened in the interbank forex market to the tune of $195 million.
Figures released by the Bank showed that it offered the total sum of $100 million to the wholesale segment, while the small and medium scale enterprises (SMEs) segment received the sum of $50 million.
The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.
Isaac Okorafor, CBN acting director, corporate communications, while confirming the figures, said the CBN was pleased with the state of the forex market, adding that the paex would continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.
