Naira Sustains Gain Against Dollar

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The Naira on Tuesday sustained its gain against the dollar at the foreign exchange market. Naira exchanged at N455 (Buying rate), N457 (selling rate) at the parallel market, from the N455/460 it traded on Monday, while the Pound Sterling and the Euro closed at N547 and N480, respectively.

At the Bureau De Change window, the Naira traded at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro traded at N547 and N480, respectively.

At the interbank window, the Naira closed at N306.25 to a dollar.

Traders at the market were hopeful that improved liquidity at the interbank market would lead to a fuller recovery of the Naira.

The CBN had injected over $1.4bn in a series of interventions at the interbank market. The CBN had injected over $1.4bn in a series of interventions at the interbank market. The liquidity boost was geared towards stabilising the exchange rate.

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