The Nigerian Naira, on Monday, July 10, flagged off the new week on a positive note at the parallel segment of the Nigerian Foreign Exchange Market.
The local currency appreciated to the rate of N367 against the United States of America Dollar at the black Market on Monday. Compared to the rate of N370/$1, which the naira traded for on Friday, it gained three points against the greenback to close the day at N367/$1.
Against the British Pound Sterling, the Naira remained unchanged exchanging at the rate of N470 and traded at the rate of N420 against the European Single Currency, Euro.
The Naira’s recovery may be connected to the consistent intervention by the Central Bank of Nigeria, CBN, in interbank and Bureau De change segment of the foreign exchange market.
The apex bank has injected a total of $7.766 billion into the foreign exchange market since February, 2017 . Meanwhile, the naira have continued to fare moderately well in spite of fluctuations at intervals.
