The Nigerian Naira on Wednesday, February 21, retained strength against the United States of America Dollar at the parallel segment of the Foreign Exchange Market.
The local currency traded at the rate of N362 aganst the greenback at the black market on Tuesday.
Against the British Pound Sterling, the Naira exchanged at the rate of N500 and exchanged at the rate of N445 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 indicative exchange rate for the I&E plunged further to N360.25 per dollar, from N360.28 per dollar on Monday, translating to a 3 kobo appreciation of the naira, data from Financial Market Dealers Quote (FMDQ) showed.
The surged was buoyed by a 23 percent increase in the volume of dollars traded in the I&E window. The window recorded a turnover of $223.38 million, indicating a $42.28 million increase from $181.01million recorded on Monday.
