Naira Strengthens Against The Dollar

The Naira strengthened further against the dollar at the weekend as it exchanged for N364 per dollar at the parallel market.

The Naira had on Friday closed at N365 rate per dollar.

Naira also exchanged at N468 against Pound Sterling and N412 against Euro at the parallel market.

But the weekend jump followed two interventions, last week, by the Central Bank of Nigeria (CBN), which totalled $449.3 million.

CBN had last Monday injected the $195 million into various segments of the inter-bank market.

$100m was offered to authorised dealers in the wholesale window, while Small and Medium Enterprises (SMEs) window was allocated the sum of $50m.

Those seeking forex for business and personal travel, tuition and medical bills, among other invisibles, received the sum of $45m.

On Friday, the apex bank again injected $254.3 million towards the end of daily transactions.

Acting Director, Corporate Communications at the CBN, Isaac Okorafor, explained that the sale was in response to bids received from authorised dealers, on behalf of their customers, as announced in the middle of the week.

He said intervention covered companies in the raw materials, agriculture, airline and petroleum industry.

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