Naira maintains stability as CBN pumps more Dollar

The Naira recorded some marginal growth against the United States of America Dollar on Tuesday at the parallel market, exchanging for N364 as against the N365 to a Dollar recorded at the weekend.

At the parallel market segment of the foreign exchange market, the Naira closed at the rate of N487 to the British Pound Sterling and N427 against the European single currency, Euro.

The appreciation is coming on the heels of another intervention by the Central Bank of Nigeria on Tuesday.

Figures released by the Apex Bank showed that it offered the total sum of $100million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

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The Acting Director, Corporate Communications Department at the Bank, Mr. Isaac Okorafor, while confirming the figures, said the CBN was pleased with the state of the Forex market, adding that the Bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

He reiterated the apex Bank’s determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.

According to him, the Bank remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.

It will be recalled that the CBN last week intervened in the various segments of the Forex market with the sum of $698.5 million.