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How Naira Records Significant Improvement Against Dollar After CBN Injected $547m in One Week

Naira Records Significant Improvement Against Dollar After CBN Injected $547m in One Week

Posted by Thandiubani on Thu 31st Aug, 2017 – tori.ng

The naira has made a rapid improvement against the dollar following Central Bank of Nigeria’s decision to inject 547 million dollars into the market.

Currencies
The Naira on Thursday closed at N362 to a dollar as supply by the apex bank improves. This is a far improvement over the N370 it was selling earlier in the week.
Also, the Pound Sterling and the Euro have maintained their strength against the Naira, exchanging at N462 and N428 respectively. In anticipation of Sallah holiday, the Central Bank of Nigeria (CBN) on Thursday raised the total intervention for the week to 547 million dollars as against 195 million dollars offered the previous week.
The CBN spokesman, Mr Isaac Okorafor in a statement in Abuja, said that the intervention would uplift the Naira exchange rate, boost liquidity in the forex market and ensure timely execution and settlement of eligible transactions.
Okorafor, also expressed confidence that the interventions would continue to guarantee stability in the market and ensure availability to individuals and business concerns with genuine demand for Forex transactions.
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