Naira appreciates slightly against Dollar at parallel market

- Naira moves up at parallel market, close the day at N367/$1

- The recent appreciation of the Naira can be attributed to intervention of the CBN at the foreign exchange market

- Since the Naira dropped to a record low of N520/$1 in February, the CBN has injected more than $5 billion to various sectors of the economy

The Nigerian Naira has appreciated at the parallel exchange market sector just few hours after its steady appreciation was halted.

According to Sebkeyzblog .com findings on Wednesday, June 14, it was gathered that the local currency gained three points against the greenback to close the day at N367/$1.

Recall that the Naira weakened to N370/$1 yesterday, June 13, after hitting its best rate of 2017 last week, trading at N362/$1.

Also, the local currency maintained the N465 per Pound rate it closed yesterday but gained four points against the Euro to close at N407, from the previous rate of N411.

Dollar to Naira

The recent appreciation of the Naira can be attributed to intervention of the Central Bank of Nigeria (CBN) at the foreign exchange market.

Since the local currency dropped to a record low of N520/$1 in February, the CBN has injected more than $5 billion to various sectors of the economy.

Just recently the apex bank injected $418m into foreign exchange market.

The intervention, which cut across various segments of the inter-bank forex market, was aimed at pushing for the convergence of various market rates and resumption of support for the Naira.

Meanwhile, currency traders have expressed confidence that the Naira will appreciate further this week.

This comes even as the CBN continues to sell $20,000 to each of the 3,145 BDCs across the country twice in a week.

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