Naira Depreciates - Now 465/$ At Parallel Market -

Naira Depreciates – Now 465/$ At Parallel Market

CBN pumps Dollar ($350m) into economy to strengthen Naira

The Nigerian Naira yesterday, March 8, depreciated to 465/$ due to demands for forex by importers traveling to China. Investigations revealed that the Nigerian currency rose from 448/$ on Tuesday to 465/$ on Wednesday. 

Since Monday, February 20, 2017, when it announced new measures to boost dollar supply and forestall the declining fortunes of the naira in the parallel market, the CBN has intervened in the forex market six times as follows: Tuesday February 21, $417 million; Thursday February 23, $231 million; Monday February 27, $180 million; Friday March 3, $350 million, Monday March 6, N367 million; and on Tuesday with $100 million.

More at Vanguard.

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