Update!! Naira Appreciates Slightly Against Dollar (See Conversion Rate) - 4 years ago

The Naira on Monday slightly appreciated against the dollar at the parallel market. Naira gained two points to exchange at N365 to the dollar. Pound sterling and the Euro traded at N465 and N412 respectively. Trading at the interbank market saw the Naira closed officially at N305.95 to the dollar, while the pound sterling and the Euro closed at N397.12 and N349.22, respectively. The appreciation is believed to be response to Central Bank of Nigeria (CBN) last Wednesday’s intervention in various segments of the inter-bank market to the tune of $195 million. A breakdown revealed that authorised dealers in the wholesale window segment received a $100 million offer from the bank, while the Small and Medium Enterprises (SMEs) and invisibles windows were allocated the sums of $50 million and $45 million respectively. CBN acting Director, Corporate Communications Department, Mr. Isaac Okorafor, confirmed the figures and disclosed that the bank was impressed by the high level of transparency exhibited by stakeholders in the market. With the rate of inflation dropping from its April 2017 figure of 17.24 per cent to 16.25 per cent at the end of May, 2017, the CBN spokesman said the bank remained upbeat that the fortunes of the naira would improve further in the months to come. A breakdown of the dollar sales showed that $680 million was pumped into the market in February; $1.542 billion was sold in March; $1.616 billion in April; $2.102 billion in May; and $1.196 billion in June.

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