Business Naira Strengthens To 505/US$1 As CBN Injects $370m Into FX Market



Nigerian naira on Wednesday appreciated at the parallel market to 505 as the Central Bank of Nigeria carried out special wholesale intervention forward sales in the interbank forex market by offering $500 million.

The currency extended gain by 10 naira from 515 its opened trading on Wednesday morning to close at 505 against the US dollar.

It also appreciated against pound sterling and euro to 620 and 520 respectively, according to data gathered from the Abokifx market spot.

At the official market, it remained flat at 305.25 kobo to the dollar.


A CBN source said that the Apex bank actually offered $500 million to the banks on Tuesday through special wholesale intervention forward sales.

But of this amount, the banks were only able to take up $371 million at a marginal exchange rate of N315 to the dollar.