Naira continues recovery against Dollar at parallel market, appreciates to N379/$1

The Central Bank of Nigeria (CBN) yesterday injected $205 million into the foreign exchange market even as the naira depreciated to N379 per dollar in the parallel market.

According to Okoroafor: “The CBN again injected over $205 million in to the foreign exchange market. “A breakdown of what market watchers termed as another massive intervention indicated that the sum of $100 million was released for the wholesale segment of the market for both spots and forwards. “Also, Basic Travel Allowance (BTA) which comes under invisibles segment garnered $50 million while the Small and Medium Scale Enterprises (SME) segment got $55 million.

I was revealed that the parallel market exchange rate rose to N379 per dollar at the close of business yesterday from N375 per dollar on Friday.

He said the depreciation was caused by sudden increase in demand for dollar between Saturday and yesterday. He however expressed optimism that the naira will appreciate today as the CBN is expected to sell $20,000 to each of the 3145 bureaux de change (BDC) today.

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