WOW!! Naira Appreciates against dollar. What A Suprise

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The Naira has appreciated significantly by N20 to exchange at N380 against the US Dollar in the parallel market.

The Nigerian currency also got stronger on the Bureau de Change (BDC) segment of the market yesterday, trading at between N376 and N378 to the Dollar in Lagos, Abuja and Kano.

The gains follow the continuous intervention of the Central Bank of Nigeria (CBN) in the foreign exchange (FX) market.

The CBN pumped a total of $380million into the market between Tuesday and Wednesday this week.

By the end of Friday, the Naira is expected to appreciate even further, when the BDCs get another tranche of $20,000 from the CBN.

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