Naira falls at parallel market as Dollar, Pound rise

The Nigerian Naira has slightly depreciated at the parallel market even after the Central Bank of Nigeria injected $195 million last week in continuation of its intervention in the forex market.

The Naira depreciated by N1 at the parallel market as the exchange rate for the market dropped to N367 per dollar from N366 per dollar the previous week.

The local currency also depreciated by N3 against the Pound at the parallel market as the exchange rate dropped to N475 from N472 per Pound last week.

However, the Naira maintained the N420 rate it traded against the Euro last week.

We recalls that the CBN sold $195 million into the interbank forex market last week comprising $100 million for the wholesale segment, $50 million for the Small and Medium Enterprises (SMEs) segment, and $45 million for invisibles segment.

Since the Naira dropped to a record low of N520/$1 in February, the CBN has injected at least $8 billion into the foreign exchange market.

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NaijaPrince.com: Naira falls at parallel market as Dollar, Pound rise
Naira falls at parallel market as Dollar, Pound rise
The Nigerian Naira has slightly depreciated at the parallel market even after the Central Bank of Nigeria injected $195 million last week in continuation of its intervention in the forex market.
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