Naira steadies across major foreign currencies


The Nigerian currency, Naira, on Tuesday steadied against major foreign currencies at the official and unofficial foreign exchange markets, just as the Central Bank of Nigeria (CBN) on Monday injected $210 million into the interbank foreign exchange market

The local currency, at the official Spot market, stabled at N305.90 per dollar, the same rate it traded on Monday, however, weaker than N305.85 exchanged on Friday, data obtained from FMDQ OTC has showed.

But the Naira, at the Investors and Exporters (I&E) FX window, began trading at a better rate of N359.70 to the dollar against depreciated rate of N360.03 recorded the previous day, before traded high at an improved rate of N361against N361.50 and eventually closed low at N360.22 compared to N360.10 compared to N360.27 settled when the forex market closed for last week.

The autonomous forex window, recorded a decline transactions turnover of $111.03 million, which was weaker than of $158.01 million sold on Monday.

The Nigerian legal tender at the parallel market on Tuesday extended gains against Pound and Euro, closing bat an appreciable rate of N502 and N440 respectively, against N505 and N442 traded the preceding trading day.

Meanwhile, the CBN in a statement explained that the total sum of $100 million offered to the wholesale market, $55 million for small businesses and individuals, and $55 million for certain dollar expenses such as school fees and medical bills.

“The bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability,” the central bank said in an emailed statement.

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