The Naira on Wednesday hit its biggest recovery in months.
From N520/$1, the Naira moved up to N503/$1 on Wednesday.
The 3.3 per cent appreciation was the highest.
The development came 24 hours after the Central Bank of Nigeria carried out wholesale interventions in the interbank FOREX market by providing a total sum of $370,810,810.79 to 23 banks to meet the visible and inviable requests of customers.
Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said the Bank’s intermediation in the Forex market was the first intervention aimed at easing the pressure of access to forex by Nigerians who intend to meet obligations that fall under visible and invisible needs categories.
He further explained that the CBN offered $500,000,000.00 for sale to the banks, but not all of them provided enough naira backing to pay fully for their respective bid amounts.
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