P
ProfRem
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Nigerian naira on Monday appreciated against the three major currencies at the parallel market.
this development is coming as the Central Bank of Nigeria (CBN) make steady interventions at the foreign exchange market to converge the rate between official and parallel market segments.
The currency gained 0.81 per cent against the United States dollar to 372 from 375 at the black market.
The naira also appreciated against the Pound sterling and Euro at the market to 480 and 410 respectively.
At the official market, the currency also gained 0.02 per cent to close at 305.55 per dollar.
This development is coming as the Central Bank of Nigeria (CBN) make steady interventions at the foreign exchange market to converge the rate between official and parallel market segments.
The CBN has since February been pumping in dollars in all segments of the interbank market to ensure liquidity and availability of forex. More than $5 billion has been injected into the market.
According to market sources, the CBN is determined to ensure a convergence between the interbank and Bureau de Change (BDC) rates soon, hence the move to continue its intervention in the interbank market.
this development is coming as the Central Bank of Nigeria (CBN) make steady interventions at the foreign exchange market to converge the rate between official and parallel market segments.
The currency gained 0.81 per cent against the United States dollar to 372 from 375 at the black market.
The naira also appreciated against the Pound sterling and Euro at the market to 480 and 410 respectively.
At the official market, the currency also gained 0.02 per cent to close at 305.55 per dollar.
This development is coming as the Central Bank of Nigeria (CBN) make steady interventions at the foreign exchange market to converge the rate between official and parallel market segments.
The CBN has since February been pumping in dollars in all segments of the interbank market to ensure liquidity and availability of forex. More than $5 billion has been injected into the market.
According to market sources, the CBN is determined to ensure a convergence between the interbank and Bureau de Change (BDC) rates soon, hence the move to continue its intervention in the interbank market.
