Naira closes at N362 as CBN injects $547m into forex market

In anticipation of Sallah holiday, the Central Bank of Nigeria (CBN) on Thursday raised the total intervention for the week to $547 million against N195 million offered the previous week.

The CBN spokesman, Mr Isaac Okorafor in a statement in Abuja, said 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.

Meanwhile, the Naira on Thursday closed at N362 to a dollar as supply by CBN improves. This is a huge improvement over the N370 it was selling earlier in the week.

 

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