The Naira on Thursday appreciated against the dollar in the
parallel market.
The local currency appreciated by N1 in the parallel market segment.
Naira exchange rate dropped to N366 per dollar from N367 on
Wednesday.
Analysts say Central Bank of Nigeria (CBN) intervention on
Monday – supply of 195 million dollars – stabilised the market.
CBN spokesman, Isaac Okorafor, in a statement, said 100
million dollars was offered through the wholesale segment.
He said that Small and Medium Enterprises (SMEs) segment
received 50 million dollars, while tuition fees, medical payments and Basic
Travel Allowance (BTA), among others, got 45 million dollars.
Okorafor said that the CBN was pleased with the state of the
market, and assured that the bank would continue to intervene in order to
sustain liquidity in the market and guarantee international value of the naira.
He said the apex bank remained determined to achieve its
objective of rates convergence, “hence the unrelenting injection of
intervention funds into the foreign exchange market’’.
By Wale Odunsi
