Nigeria naira trades N362/$ as CBN injects $547m in one week

Nigeria’s central bank Thursday raised the total intervention for the week to $547 million as against $195 million offered the previous week, just as analysts say the move was in anticipation of the Muslim holidays.

Consequently, the local currency traded fairly at N362 to the dollar Thursday as against the N370 it did earlier in the week. However, the Pound Sterling and the Euro maintained their strengths against the naira, exchanging at N462 and N428 respectively.

Isaac Okorafor, the central bank spokesperson, in a statement in Abuja, said the intervention would uplift the naira exchange rate, boost liquidity in the forex market and ensure timely execution and settlement of eligible transactions.

Okorafor, also expressed confidence that the interventions would continue to guarantee stability in the market and ensure availability to individuals and business concerns with genuine demand for forex transactions.