The Nigerian Naira on Thursday, February 22, maintained strength against the United States of America Dollar at the parallel segment of the foreign exchange market.
The Naira exchanged at the rate of N363 against the greenback at the black market.Against the British Pound Sterling, the Naira exchanged at the rate of N500
The local currency, however, appreciated against European Single Currency, Euro, exchangng at the rate of N442.
Meanwhile the CBN had injected over $500m into the forex market. Analysts have said that the naira is likely to remain stable against the greenback this week as demand for the US currency weakens whenever the unit trades below 360 per dollar.
Foreign exchange traders said most forex users were not willing to source dollars weaker than N360 at the Investors & Exporters FX window and that offshore investors had been buying local debt in search of yields, boosting liquidity on the currency market, Reuters reported.
Figures obtained from the CBN indicated that out of the last intervention, it offered $100m to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment received the sum of $55million.
