The Nigerian Naira, on Wednesday, August 2, gained traction against the United States of America Dollar at the parallel segment of the Nigerian Foriegn exchange market.
The local currency gained two point against the greenback at the black market to exchange at the rate of N363 against the rate of N365 which it had traded for at the start of the new month and the last days of July.
Agains the British Pound Sterling, the Nigerian Currency traded at the rate of N473 at the black market at exchanged at the rate of N422 against the European Single Currency, Euro.
The strength gained by the naira is not unconnected to the consistent intervention from the Central Bank of Nigeria, CBN,at the nation’s forex market.
it would be recalled that the apex bank at the beginning of the week, injected $195m into the inter-bank forex market to meet the requests of customers in the various segments of the forex market.
A breakdown of this showed that while it offered $100 million in wholesale auction at the interbank foreign exchange market.
