The Nigerian Naira for the first time in a while caught a massive relief against the United States of America Dollar on Wednesday, May 30, at the parallel segment of the Nigerian Foreign Exchange Market.
The local currency on Wednesday, scooped three points against the greenback to close the day at N363/$1, against the rate of N366 which had stayed unchanged at the black market.
Against the British Pound Sterling, the local currency also appreciated exchanging at the rate of N497 and closed at ann improved rate of N425 against the European Single Currency,ro Eu
The recent surge of the Naira can be attributed to intervention of the CBN at the foreign exchange market
Acting Director, Corporate Communications of the apex bank, Isaac Okorafor, last week, in a statement reiterated the apex bank’s commitment to intervene in the interbank foreign exchange market which is in line with pledge to sustain liquidity in the market and maintain stability.
He said the CBN would sustain its strategic management of the foreign exchange market with a view to reducing the country’s import bills and halt depletion of its foreign reserves.
