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Naira Appreciates Slightly to N389/$ – Leadership

HomeNewsNaira Appreciates Slightly to N389/$ – Leadership
Naira Appreciates Slightly to N389/$ – Leadership
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    Alex Ikechukwu
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By Bukola Idowu, Lagos

The value of the naira appreciated slightly at the parallel market yesterday following interventions of the Central Bank of Nigeria (CBN) at both the interbank and bureau de change (BDC) ends of the foreign exchange market.

The naira which sold at N391 at the parallel market on Monday closed stringer on the streets yesterday selling at N389 to the dollar. Also the local currency appreciated against the euro selling at N422 as against N425 which it sold on Monday.

Last week, authorized dealers were unable to fully subscribe to various amounts offered by the apex bank on two consecutive times sending jitters to currency speculators perceiving dollar glut as imminent in the market.

On Monday the CBN released $81.2 million for dollar requests in its continued drive to improve liquidity. It had provided $44 million to meet requests for expenses such as medical and school fees, and to cover travel allowances.

Also, $37.2 million was provided for small- and medium-sized enterprises.

Yesterday, the CBN also sold $20,000 each to the licensed BDC operators in the country.

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