Oh No!!! Naira Crashes As CBN Makes More Intervention

The Naira on Tuesday exchanged in the parallel market at N366, same rate it closed on Monday.

Pound Sterling and the Euro closed at N477 and N428, respectively.

This is just as the Central Bank of Nigeria (CBN) injected more $195 million into the interbank market.

A statement by Acting Director, Corporate Communications Department, CBN, Isaac Okoroafor, made the announcement.

He said, “In the wholesale segment of the inter-bank Foreign Exchange market, the CBN auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45m respectively.”

Okorafor encouraged those who genuinely required foreign exchange for their transactions to approach their banks, noting that the banks had enough forex to meet the demands for foreign exchange within the time frame stipulated by the CBN.

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