Just in: Naira slips against Dollar for the first time this week despite CBN supply

– The Naira has slipped against the foreign currency at the parallel market

– Naira has dropped one point to close the day at N363/$1 from N362/$1

– The local currency stays unchanged against Pound and Euro

The Nigerian Naira on Wednesday, March 14, slipped against the American Dollar at the parallel market.

According to NAIJ.com findings, the local currency dropped one point to close the day at N363/$1 from the previous rate of N362/$1, but maintained same rate of N502 and N444 against Pound Sterling, and Euro respectively.

The Central Bank of Nigeria (CBN) in its quest to guarantee the availability of foreign exchange for customers’ needs has injected another 210 million dollars into the foreign exchange market.

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Naira slips against Dollar

The acting director, corporate communications, Isaac Okoroafor, in a statement on Monday, March 12, in Abuja, said that 100 million dollars was allocated to authorised dealers in the wholesale segment of the market.

He said that the Small and Medium Enterprises (SMEs) segment also received 55 million dollars, while customers requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated 55 million dollars.

Okoroafor, said the apex bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability.

He said the steps taken so far by the bank in the management of foreign exchange was paying off, as reflected by reduction in the country’s import bills and accretion to foreign reserves which stood at 46 billion dollars.

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The CBN recently injected 355.43 million dollars into the Foreign Exchange Retail Secondary Market Intervention Sales.

Can N1 ever become $1 again at Forex Market? Watch Nigerians respond to this question on NAIJ.com TV.

Source: Naija.ng