The Nigerian Naira on Wednesday, July 12, maintained momentum at the parallel segment of the Nigerian Foreign Exchange market.
The local currency maintained the same rate of Tuesday, July 11, against the United States of America Dollar, trading exchanging at N368.
Against the British Pound Sterling at the black market, the Naira also traded at the same rate of N470, which it traded for the previous day. Meanwhile, it dipped slightly against the European Single Currency, Euro.
In a bid to bring stability to the naira in the nation’s foreign exchange market, the Central Bank of Nigeria, CBN, has sustained it’s intervention in the market.
The apex bank, had on Monday, July 10, injected 142.5 million dollars into the inter-bank foreign exchange, days after intervening in the retail segment of the market with 254.3 million dollars.
An analysis of breakdown of the funds released showed that the Bank offered 100 million dollars to dealers in the wholesale segment, while it allocated 23 million dollars to the Small and Medium Enterprises (SMEs) segment.
CBN Spokesperson, Mr Isaac Okorafor, speaking on the intervention, said the apex bank would continue to carry out its regular mediation in the market to keep the market liquid and guarantee the international value of the naira in line with its mandate.
