The Naira stayed strong against Dollar at parallel market

The Nigerian Naira on Tuesday, February 13, retained its strengthened rate at the parallel market against Dollar. According to NAIJ.com findings, the local currency maintained the same rates of N363 against Dollar, as it was yesterday, February 12, but appreciated against Pound and slipped against Euro.

Meanwhile, the central bank intervened in the inter-bank foreign exchange market with the sum of $210m to meet customers’ requests in various segments of the market on Monday, February 12. This was in addition to the $325.64m retail Secondary Market Intervention Sales made by the regulator on Friday.

The CBN said Monday’s sale was in line with its determination to meet the customers’ needs in the sundry segments of the market. The CBN offered $100m to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment got the sum of $55m. The figures also indicated that customers needing foreign exchange for invisibles such as tuition fees, medical payments, Basic Travel Allowance, among others, were also allocated the sum of $55m.