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Naira Gains As CBN Injects $547m In One Week

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The Central Bank of Nigeria (CBN), on Thursday, raised the total intervention for the week to $547 million as against $195 million offered the previous week, in anticipation of Sallah holiday.

Spokesman of the apex bank, Mr Isaac Okorafor, in a statement in Abuja, said the intervention would uplift the Naira exchange rate, boost liquidity in the forex market and ensure timely execution and settlement of eligible transactions.

Okorafor, also expressed confidence that the interventions would continue to guarantee stability in the market and ensure availability to individuals and business concerns with genuine demand for Forex transactions.

Meanwhile, the Naira on Thursday closed at N362 to a dollar as supply by the apex bank improves. This is a significant improvement over the N370 it was selling earlier in the week.

Also, the Pound Sterling and the Euro have maintained their strength against the Naira, exchanging at N462 and N428 respectively.