The Naira appreciated marginally at the parallel market on Thursday, buoyed by the Central Bank of Nigeria (CBN) intervention in the Foreign Exchange market.
The local currency strengthened 0.06 per cent to exchange N360.40 against the dollar on Thursday compared to $/N360.60 it traded the previous day.
The apex bank injected $210 million into the forex market on Friday, which helped increased liquidity in the system.
The value of the naira, however, lost -0.05 per cent to exchange N360.40 against the dollar instead of N360.21 at the Investors’ & Exporters’ forex window on Wednesday.
The country’s foreign reserves stood at $41 billion on Wednesday, according to data obtained from CBN website, highest since 2014, on the back of improved oil crude oil price and output.
Oil price dipped -1.07 per cent to five weeks low of $64.81 on Thursday, caused by increased US Shale oil production with experts projecting further decline.
The naira was, however, stable at N305.85 per dollar at the interbank market.
The Bankers’ Committee of the CBN on Tuesday pegged forex rate at $/N360 for invisibles such as Personal Transport Allowance (PAT), Basic Transport Allowance (BAT), oversea medical bills and school fees and also outlawed bank charges on them.
Pound and Euro were also sold for N511 and N449 at the parallel market.