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Naira Strengthens To ₦435/$ From ₦525 As CBN Continues Intervention

The naira has continued to fare well on the road to redemption as it strengthened on the parallel market on Monday to close at N435 to the dollar, stronger than N450 at which it closed last Friday and N525/$ it traded penultimate Friday.

This is just as the Central Bank of Nigeria (CBN) has continued to relentlessly pump the greenbank into the interbank foreign exchange market to meet the demand of bank customers.

It is however understood that the buy rate of the greenback rose slightly to N430 to the dollar Monday, against N440 last Friday.

Following the development, a number of parallel market operators who had been stockpiling dollars for months, expressed their frustration as the intervention of the Apex Bank was forcing them to offload their dollars at a loss.

While they bemoaned their losses, market analysts cautioned that they were likely to incur more losses, as the CBN, in keeping with its determination to increase liquidity in the FX market Monday pumped a fresh $180 million into the interbank market.

CBN also said it would with “immediate effect give Travelex $4 million weekly to satisfy demand for travel allowances at the Lagos and Abuja airports”.

In a statement released Monday, the CBN’s acting Director, Corporate Communications, Mr. Isaac Okorafor, said the central bank’s commitment to providing enough FX for legitimate business remains unshaken, reiterating that it would do “everything possible” to maintain the steady supply of forex to the market.

About kenvibes

Mr. ken is a Tech, Movie (Sci-Fi), Sports and Programming Freak. An eccentric Computer and Electronics Engineer smouldered in the glorious epiphany of online journalism

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