Naira gains against dollar after CBN’s proposed intervention

The plan by the Central Bank of Nigeria (CBN) to intervene in the continued fall of the naira against foreign currencies made a positive impact on the naira as it appreciated against the dollar at the parallel market, also known as Black Market on Tuesday.

The naira, which had exchanged against the dollar at N956/$ on Monday, exchanged for N925/$ on Tuesday.

Sources at the parallel market said they bought and sold naira at “lN915/$ and N925/$.

READ ALSO:Naira drops further in official, black markets, inches towards N1000 mark

On the Investors & Exporters window, trading of the naira commenced at 785.89/$ and reached a high of 799.90/$ before closing at 774.77/$ on Tuesday; it closed at 764.68/$ on Monday.

Ripples Nigeria reports that the acting Governor of the CBN, Folashodun Shonubi, on Monday, while speaking after briefing President Bola Tinubu on what the bank was doing to halt the naira slide, said the fluctuation in the parallel market was not solely driven by economic factors, but also speculative demand.

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