Nigeria’s currency is expected to strengthen further from the current rate of between N376 and N380 to the dollar at the black market following interventions by the Central Bank of Nigeria on the foreign exchange market.
The Naira firmed up at the Bureau de Change segment trading at between N376 and N378 to the United States Dollar.
A market survey revealed that the Naira, which sold at over N405 to $1 on Monday this week, recorded a boost.
The appreciation of the Naira was as a result of policy actions of the CBN to inject more foreign exchange into the financial system, specifically targeting critical sectors in addition to special interventions in the areas of SMEs and BDCs.
