CBN Injects $547 Million In 7 Days
So, the naira is doing well compared to few months ago.
At the close of business on Thursday, the nation’s currency traded at 365 naira to one dollar.
There was a huge gain of at least 2 naira from Wednesday when it traded at 367 at the parallel market.
The winnings can be directly attributed to the Central Bank of Nigeria's consistent intervention in the foreign exchange market.
In anticipation of the Sallah break, the CBN had on Thursday raised the total intervention for the week to 547 million dollars as against 195 million dollars offered the previous week.
The CBN's spokesman, Isaac Okorafor in a statement in Abuja, said that the intervention would uplift the Naira exchange rate, provide more dollar supplies to the market and ensure that those who want dollars get them on time.
Okorafor, also expressed confidence that the interventions would continue to guarantee stability in the market.