Naira gains strongly against dollar

In anticipation of Sallah holiday, the Central Bank of Nigeria (CBN) on Thursday raised the total intervention for the week to 547 million dollars as against 195 million dollars offered the previous week.

The CBN spokesman, Mr Isaac Okorafor in a statement in Abuja, said that the intervention would uplift the Naira exchange rate, boost liquidity in the forex market and ensure timely execution and settlement of eligible transactions.

Okorafor, also expressed confidence that the interventions would continue to guarantee stability in the market and ensure availability to individuals and business concerns with genuine demand for Forex transactions.

Meanwhile, the Naira on Thursday closed at N362 to a dollar as supply by CBN improves. This is a far improvement over the N370 it was selling earlier in the week.

Also, the Pound Sterling and the Euro have maintained their strength against the Naira, exchanging at N462 and N428 respectively.

Source: Daily Post/ NAN

(Visited 46 times, 1 visits today)

Comments

comments

About Cholo Brooks 4707 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists.