Nigerian Naira has surged against the U.S dollar in the black market, as the country struggles with the toll of a recessed economy. 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.
Even FxMallam.com puts the rate at between 365 and 371 Naira to a US dollar at today’s (2/6/17) parallel trading in Lagos.
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 1st 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