At the same rate it closed on Tuesday, the naira closed at N385 against the United States dollar on the parallel market on Wednesday. It closed at N305.60 to the dollar on the interbank market on Wednesday.
Before appreciating to N386 on Monday, the naira had closed at N390/dollar daily consecutively between last Tuesday and Friday.
The PUNCH had reported two days ago that the Central Bank of Nigeria injected $457.3m into various segments of the forex market. The central bank has continued to supply into the foreign exchange market.
According to financial and currency experts, the naira’s outlook remains stable in the near term as the regulator steps up efforts to improve dollar liquidity and achieve exchange rate convergence.
The CBN has been intervening aggressively since February to try to narrow the spread between the official and black market rates and has sold more than $4bn. On Monday, the CBN said that a lull witnessed in the forex market was meant to be terminated by the injection of $457.3mn into the market.
A breakdown of the offer by the CBN indicated that both spot and forwards garnered the sum of $267.3m while the wholesale segment got $100m. Also, the SMEs and Invisibles segments comprising of basic travel allowance, tuition fee and medical got $50m and $40m respectively.
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