Business Naira Booms, Gains 1.75% To Close At 400 Per Dollar

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Nigerian naira on Wednesday extended gain at the parallel market, appreciating by 1.75 per cent to close at 400 against the United States Dollar.

The currency remained stable against the pound sterling and gained 10 naira to close at 420 against the Euro.

At the official market segment, the Naira closed flat against the dollar at 306.00 per dollar.

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On Tuesday, the Central Bank of Nigeria, CBN, offered $100 million in currency forwards at a wholesale auction in order to boost liquidity on the interbank market and strengthen the naira.

The dollar sale, for which settlement will be between one week and 45 days, is aimed at meeting demand from businesses, CBN said in a statement.
 
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