Naira rebounds on liquidity boost

The Naira has appreciated against the dollar at the parallel market.

The Nigerian currency rebounded barely 24 hours after the Central Bank of Nigeria (CBN) injected 195 million dollars into the foreign exchange market.

The Naira closed at N366 to the dollar at the end of trading on Thursday afternoon at the parallel market, three points stronger than N370 it closed on Wednesday.

The pound sterling and the Euro traded at N465 and N410 respectively.

At the Bureau De Change window, the Naira closed at N363 to the dollar, while the pound sterling and the Euro closed at N463 and N410, respectively.

Trading at the interbank market saw the naira closed at N305.90 to the dollar, while the import and export rates closed at N368 to the dollar.

Traders at the market said that the naira got a boost as the CBN intervened at the FOREX market.

The continued injection of liquidity into the FOREX market had sustained the naira from further depreciation.

However, financial experts are divided on the sustenance of the CBN’s effort in salvaging the naira.

NAN/Ime N