Naira loses steam, remains stagnant at parallel market

The Nigerian Naira on Thursday, May 24, maintained same rate against the United States of America Dollar at the parallel segment of the Foreign Exchange Market.
The local currency closed at the rate of N366 against the greenback, same which at which it exchanged for on Wednesday, May 23.
Against the British Pound Sterling, the Naira closed at the rate of N498 and closed at the rate of N430 against the European Single Currency, Euro.
Meanwhile, the Central Bank of Nigeria, CBN, has released 210 million dollars to meet customers’ requests in various segments of the foreign exchange market, the acting Director, Corporate Communications of the apex bank, Isaac Okorafor, said in a statement.
He noted that the Small and Medium Enterprises (SMEs) segment got an allocation of 55 million dollars. He added that customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated 55 million dollars.