Business Naira Gains 1.1%, Trades At 450 Per Dollar As CBN Intervenes



Nigerian naira on Friday ended weekly trading with 1.1 per cent gain at the parallel market to 450 per dollar as Central Bank of Nigeria, CBN intervened at the inter-bank market segment.

The currency also appreciated against the Euro to 472 from 475 its traded on Thursday and fell by 5 naira to 545 against the Pound sterling.

At the interbank window, the Naira depreciated by 0.08 per cent to close at N306.75 to a dollar.

At the Bureau De Change (BDC) window, it exchanged at N399 to a dollar, the CBN's controlled rate, while the Pound Sterling and the Euro traded at N547 and N480, respectively.


This is coming as the Central Bank of Nigeria on Friday released the sum of $100m to authorised dealers to meet the requests of genuine customers in the interbank segment of the foreign exchange market.

The release of the forex, according to the apex bank, followed bids from authorised dealers for the amount.

The CBN Director, Corporate Communications Department, Mr Isaac Okoroafor, while confirming the release in a statement said no intervention was made on Thursday in the market.

Okorafor reiterated that the CBN would continue to make necessary interventions in the interbank market to meet all legitimate transaction- based foreign exchange demands by customers.

The apex bank had in its last auction sale offered $150m to the interbank market with the highest bid rate at N335 to a dollar while the marginal rate was N320 to the dollar.