Naira Appreciates By 2.1% To Close At 374 Per Dollar

Nigerian naira on Thursday appreciated by 2.13 per cent to close at 374 against the United States dollar at the parallel market as Central Bank of Nigeria, CBN intensify efforts to protect the value of the currency.

The currency maintained rate at 490 and 422 against the Pound sterling and Euro respectively at the black market segment.

At the official market, the naira depreciated by 0.02% against the dollar to close at N305.45 to a dollar while the Investors and Exporters foreign exchange Window rate opened at N380.44 and closed at N380.22 on the first today of June.

This development is coming as the Central Bank of Nigeria (CBN) on Tuesday intervened in the inter-bank market to the tune of $482.6 million.

A breakdown of Tuesday's interventions indicates that the Retail SMIS was allocated $285,779,350, while $100 million was offered in the Wholesale SMIS auction window.

The Small, Medium and Enterprises (SMEs) window got an allocation of $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance, medicals and tuition fees, among others, was allocated $45 million

The acting Director, Corporate Communications at the CBN, Isaac Okorafor, had said that the interventions are in line with the CBN's resolve, echoed by the Governor, Godwin Emefiele, at last week's briefing of the Monetary Policy Committee (MPC) meeting