Business

Naira rises to N365/$1 In parallel market

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The Nigerian Naira has appreciated at the parallel market for the first time in several weeks as it now trades at N365 per United State dollar on Wednesday, September 27.

The Local currency also rose from N492 to N486 against the Pound sterling and from N435 to N428 against the Euro.

This came after the Central Bank of Nigeria (CBN) on Monday, September 25, boosted the Foreign Exchange (Forex) market by offering 195 million dollars in three segments of the Forex market.

The acting Director of Corporate Communications, Mr Isaac Okorafor, in a statement, said it auctioned 100 million dollars at the wholesale Secondary Market Intervention Sales (SMIS) window of the inter-bank Foreign Exchange market.

He also said that the apex bank also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with 50 million dollars and 45 million dollars.

Okorafor reiterated that the Bank’s intervention was to maintain its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.

He further said the CBN would continue to work on achieving the objective of convergence of rates in the various segments of the market, and would continue to strive that the forex market guaranteed transparency in the sale of foreign exchange.

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