Naira Struggles to Appreciate Despite CBN’s Forex Injection

The Nigerian Naira continues to face challenges in appreciating against the US Dollar, despite recent efforts by the Central Bank of Nigeria (CBN) to inject additional funds into the foreign exchange market.

 

 

According to data from FMDQ, the Naira experienced a further decline, reaching N1308.52 per Dollar on Wednesday, compared to N1,300.15 exchanged on Tuesday. This represents a daily drop of N8.37 from the previous trading day.

In the parallel market, the Naira was sold within the range of N1,250 to N1,300 on Wednesday, marking a slight increase from N1230 observed on Tuesday.

According to a report by Daily Post, the CBN had recently released $10,000 to Bureau De Change (BDC) operators at a rate of N1,021 per Dollar, with a stipulation to sell at a maximum of 1.5% above the purchase price. This intervention marks the third recent attempt by the CBN to support BDCs and stabilize the Naira amidst ongoing pressures on the currency.

Despite these interventions, the official exchange rate still exceeds the parallel market rate by N8.52.

 

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