The Nigerian Naira, on Wednesday, July 19, maintained same rate as it exchanged for against the United States of America Dollar, since the beginning of the week at the parallel segment of the Nigerian Foreign Exchange Market.
In its continued fight for stability against major rivals in the currency market, the local currency exchanged at the N367/$1 rate against the greenback at black market.
Against the British Pound Sterling, the Naira exchanged at the rate of N473, same as it traded on Tuesday, July 18 and exchanged at the rate of N420 against European Single Currency, Euro.
The stability of the naira seen at the forex market has been largely driven by the intervention of the Central Bank of Nigeria, CBN.
The apex bank, at the beginning of the week, pumped a fresh tranche of dollars into the currency market to sustain the Naira’s momentum.
The CBN acting Director, Corporate Communications of the , Mr Isaac Okorafor, in a statement, said that the apex bank was pleased with the state of the market, and assured that the bank would continue to intervene in order to sustain liquidity in the market and guarantee international value of the naira.
According to him, the apex bank remained determined to achieve its objective of rates convergence, “hence the unrelenting injection of intervention funds into the foreign exchange market’’. Okorafor expressed optimism that the naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.
