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Monday, 9 October 2017

Naira appreciates against dollars to closes at N366/dollar

The Naira on Thursday appreciated against the dollar at the parallel market .
The Nigerian currency rebounded barely 24 hours after the Central Bank of Nigeria injected $ 195 m into the foreign exchange market .
The Naira closed at N 366 to the dollar at the end of trading on Thursday afternoon at the parallel market , three points stronger than N 370 it closed on Wednesday.
The pound sterling and the Euro traded at N 465 and N 410 respectively .
At the Bureau De Change window , the Naira closed at N 363 to the dollar , while the pound sterling and the Euro closed at N 463 and N 410 , respectively .
Trading at the interbank market saw the naira closed at N 305 .90 to the dollar , while the import and export rates closed at N 368 to the dollar .
Traders at the market said that the naira got a boost as the CBN intervened at the FOREX market .
The continued injection of liquidity into the FOREX market had sustained the naira from further depreciation .
However , financial experts are divided on the sustenance of the CBN’ s effort in salvaging the naira .

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