The Nigerian currency, on Tuesday, January 23, soared against the United States of America Dollar at the parallel segment of the Nigerian Foreign Exchange Market.
This appreciation came after the Central Bank of Nigeria, CBN, pumped another $210 million to meet customers’ requests in the forex market.
The local currency gained one point against the greenback to close the day at N364/$1. Meanwhile, against the British Pound Sterling, the naira exchanged at the rate of N500 and exchanged at the rate of N440 against the European Single Currency, Euro.
The recent appreciation of the Naira can be attributed to intervention of the CBN at the foreign exchange market
The apex Bank’s acting Director, Corporate Communications, Mr Isaac Okorafor, in a statement on Monday, January 22, in Abuja said the fund would ensure that legitimate demands for foreign exchange are met.
According to him, the CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million.
He said also that customers needing foreign exchange for tuition fees, medical payments and Basic Travel Allowance, among others, were also allocated the sum of $55 million.
