BREAKING NEWS: Naira appreciates, stabilizes as CBN pumps $246.2 million into foreign exchange market (See exchange rate)

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The Nigerian Naira appreciated and stabilised on Monday as the Central Bank of Nigeria pumped another $246.2 million into the foreign exchange market.

DailyGlobeWatch recalls that as of Friday last week the US dollar closed at N385 as against N382 on Monday with a marginal drop of N3:00 following the CBN intervention in foreign exchange market. 

Acting Director, Corporate Communications, CBN, Mr Isaac Okoroafor while confirming the development said that the Bank was satisfied with the feedback it received concerning the response of Small and Medium Enterprises (SMEs) to access forex from the new CBN window.

He said, “SME operators no longer have to patronise or source foreign through unofficial windows and no more pressure on either the BDCs or any other unofficial source with the opening of the special window.”

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