The naira has continued its resurgence as it maintained its value at the parallel market following the decision of the central bank of Nigeria to pump in more dollars to the market.
naira and dollar notes
The naira closed flat at 385 against the United States dollar on the parallel market on Wednesday, the same rate it closed on Tuesday, according to Punch. This is after it had closed at 390/dollar consecutively between last Tuesday and Friday, before appreciating to 386 on Monday.
The latest recovery came just two days after the Central Bank of Nigeria injected $457.3m into various segments of the forex market. The naira closed at 305.60 to the dollar on the interbank market on Wednesday.
According to financial and currency experts, the naira’s outlook remains stable in the near term as the regulator steps up efforts to improve dollar liquidity and achieve exchange rate convergence.