The local currency appreciated by N1 in the parallel market segment.
Naira exchange rate dropped to N366 per dollar from N367 on Wednesday.
Analysts say Central Bank of Nigeria (CBN) intervention on Monday – supply of 195 million dollars – stabilised the market.
CBN spokesman, Isaac Okorafor, in a statement, said 100 million dollars was offered through the wholesale segment.
He said that Small and Medium Enterprises (SMEs) segment received 50
million dollars, while tuition fees, medical payments and Basic Travel
Allowance (BTA), among others, got 45 million dollars.
Okorafor said that the CBN was pleased with the state of the market, and
assured that the bank would continue to intervene in order to sustain
liquidity in the market and guarantee international value of the naira.
He said the apex bank remained determined to achieve its objective of
rates convergence, “hence the unrelenting injection of intervention
funds into the foreign exchange market’’
Friday 21 July 2017
Naira exchange rate dropped to N366 per dollar from N367 on Wednesday
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