NAIRA DEPRECIATES SLIGHTLY AGAINST DOLLAR AT PARALLEL MARKET
NAIRA DEPRECIATES SLIGHTLY AGAINST DOLLAR AT
PARALLEL MARKET
The
Naira has slipped against the foreign currency at the parallel market - Dollar,
Pound Sterling and Euro closed at N367, N476 and N436 respectively The Nigerian
Naira on Tuesday, September 12, crashed slightly against the American Dollar at
the parallel market. According to NAIJ.com findings, the Naira weakened to N367
per Dollar in the parallel market from the previous rate of N365. The local
currency also weakened against the Pound Sterling to trade at N476 as against
the previous rate of N472. Naira depreciates slightly against Dollar Meanwhile,
the Central Bank of Nigeria, on Monday, September 11, injected another $250
million into the foreign exchange market, to keep the inter-bank market liquid
Details
of the fresh funding in Monday’s intervention showed that the wholesale sector
got about $100 million, while the Small and Medium Enterprises, SMEs window
received a boost of $80 million. Another allocation of $70 million went to
those requiring foreign exchange to address their needs for Business/Personal
Travel Allowances, school tuition, medicals, etc. The CBN’s spokesperson, Isaac
Okorafor, said although the interventions ensured stability in the market, the
CBN remained committed to maintaining transparency in the market.
