Naira Gains Against Dollar to N375/$

  • Naira Gains Against Dollar to N375/$

The Naira continued to gain against the dollar following the Central Bank of Nigeria (CBN) $457 million intervention on Monday.

The local currency on Thursday rose against the U.S dollar to N375 per dollar on the parallel market as the foreign exchange liquidity continued to increase.

Investigations revealed that the parallel market rate which most analysts had projected to remain at N385 to a dollar, improved to N375/$.

CBN’s Acting Director of Corporate Communications, Isaac Okorafor, had at the weekend reiterated the bank’s commitment to ensuring that there was enough supply of forex to genuine customers in pursuit of rates’ convergence.


About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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