Naira Appreciates To N445 As CBN Injects $180m

The naira appreciated at the parallel market yesterday, gaining N5 at N445 to a dollar from N450 it exchanged last Friday.

The development has put currency speculators in series of losses in the last three weeks, as the parallel market rate has fallen from a record high of N520 per dollar to N445 per dollar yesterday.

This development is coming as the Central Bank of Nigeria, yesterday, offered another $180 million to meet bids for forwards, which include requests for invisibles such as medicals, school fees and personal travel allowances valued at $80 million, through the inter-bank window.

This, the apex bank said, is a move to increase dollar supply in the market and narrow the margin between official and black market rate. The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the wholesale requests will be settled on Tuesday, March 21, 2017, adding that the closing interbank rate for Monday, March 20, 2017 was N307.5 per dollar.

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