Naira Firms Against Dollar As CBN Injects Additional $100m Into forex market

With the injection of  additional $100 million into forex market on Wednesday which brought the CBN monies to forex market to a total $380million within two days into the Foreign Exchange Market by the Central Bank of Nigeria (CBN) has yielded a positive result and strengthened the Naira against the dollar.


According to the spokesman of CBN Isaac Okorafor,  the inability of the authorised dealers to fully subscribe to the CBN to a surfeit of forex in the system, which may lead to further appreciation of the naira.

He added that the CBN will on Thursday, continue its sale of 20,000 dollars to Bureaux de Change (BDCs) for onward sale to small-end users.

Okorafor said feedback on the Bank’s forex new window for Small and Medium Enterprises (SMEs) in the country revealed that majority of small importers were heading for a major boost in their activities.

This according to him was responsible for the current appreciation of the Naira, stressing that the Naira will continue to gain strength with the relentless efforts of the CBN

However, the News Agency of Nigeria reports that the Naira on Wednesday closed at N390 at the parallel market andbN306 to a dollar at the interbank market on Wednesday.