Naira maintains grip on dollar nationwide - Full Gist NG


Tuesday, 11 July 2017

Naira maintains grip on dollar nationwide

The Naira on Monday exchanged at N364 rate per dollar at the parallel market in major cities across the country

The Naira had on Friday closed N365.

Naira also exchanged at N468 against Pound Sterling and N412 against Euro at the parallel market.

Meanwhile, the Central Bank of Nigeria (CBN) intervened towards the end of daily transactions on

The apex bank injected 142.5 million dollars into the inter-bank foreign exchange, days after intervening in the retail segment of the market with 254.3 million dollars.

The spokesperson, Isaac Okorafor, in a statement, said the CBN would continue to carry out its regular mediation in the market to keep the market liquid and guarantee the international value of the naira in line with its mandate.

A breakdown of the intervention indicates that the Bank offered 100 million dollars to dealers in the wholesale segment, while it allocated 23 million dollars to the Small and Medium Enterprises (SMEs) segment.

Also, for those requiring foreign exchange for invisibles such as tuition fees, medical payments, business and personal travel allowances received 19.5 million dollars.

Okorafor said the CBN would not relent in ensuring transparency and efficiency in the sale of Forex.

He urged all stakeholders to continually play their roles to guarantee transparency in the market.

The CBN last Friday intervened in the retail segment of the forex market to the tune of 254.3 million dollars following bids received from forex dealers by the apex Bank.

The figure sold by the Bank was for companies in the raw materials, agricultural, airline and petroleum industry.

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