Naira static at N367/$1 as CBN sells $62.9m to BDCs

The Nigerian Naira, at the parallel segment of the Nigerian Foreign Exchange Market, on Friday, June 16 remained stable against the United States of America Dollar, trading at N367/$, same rate it traded for two last days.

Against the British Pound Sterling at the black market, the Nigerian currency maintained the rate of N465, same as the rate on Thursday, June 15. However, the local currency shed three points against the European single currency, Euro to close the week at N410 from the previous rate of N407.

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The Naira had closed at N367 on Wednesday, June 15 but recovered after traders saw the new policy as positive for investment.

In the new flexible foreign exchange system, the CBN will collpase all existing segments of foreign exchange market into a single window and prices will be determined solely by market forces.

Meanwhile, the Central Bank of Nigeria, CBN, has continued to sell $20,000 to each of the 3,145 Bureau De Change Operators across the country twice in a week. Also, earlier last week, the apex bank injected the sum of $418m into the Nigerian foreign exchange market to boost liquidity.