Naira records high gain at parallel market

The naira on Wednesday appreciated against the dollar at the parallel market, exchanging at N363 to the dollar from the N366 posted on Tuesday.

The pound sterling and the Euro closed at N477 and N428 to the naira, respectively.

At the Bureau De Change window, the local currency was traded at N363 to the dollar, while the pound sterling and the Euro closed at N477 and N428, respectively.

Trading at the investors’ window saw the naira closing at N367.50 to the dollar.

On Monday, the Central Bank of Nigeria (CBN) injected $195 million into the interbank market.

Acting Director, Corporate Communications Department, CBN, Isaac Okoroafor, made the announcement.

He said, “In the wholesale segment of the inter-bank Foreign Exchange market, the CBN auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45m respectively.”

Okorafor encouraged those who genuinely required foreign exchange for their transactions to approach their banks, noting that the banks had enough forex to meet the demands for foreign exchange within the time frame stipulated by the CBN