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Nigerian Naira Rebounds From One-week Low!!

The Nigerian Naira rebounded on Tuesday against the United States dollar after the Central Bank of Nigeria injected $250 million into the forex market.

The local currency gained N2 to exchange at N365 to a US dollar at the Parallel market. Up from N367 it closes on Monday and N370 recorded on Friday.

At the Bureau De Change segment, the Naira traded at N362 to the US dollar, while the Pound and the Euro were exchanged at N473 and N433 respectively.

Accordingly, the Naira maintain its stability on the investors’ window, exchanging at N359.67 to the US dollar.

The CBN intermittent forex supply has helped bolster the Naira value and increase market liquidity.

However, traders said patronage at the parallel market was low, suggesting that early surge in demands were temporary.

Bureau De Change Operators got their weekly foreign exchange auction from the CBN, according to the source.

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