Naira slips against Euro, maintains rate to Dollar

Nigeria’s local currency on Wednesday, July 11 dropped points against the Euro but remained steady against the US Dollar at the parallel market.

The local currency maintained the rate N361 per US dollar and N480 against Pound Sterling, but weakened against Euro at the parallel market.

Recall that the Central Bank of Nigeria (CBN), had on Tuesday, July 10, injected 210 million dollars into the inter-bank Foreign Exchange market to meet customers’ requests in various segments of the market.

The CBN acting director, corporate communications, Isaac Okoroafor said that the CBN offered 100 million dollars to authorised dealers in the wholesale segment of the market.

Okoroafor said also that the Small and Medium Enterprises (SMEs) segment got 55 million dollars while another 55 million dollars was allocated for tuition fees, medical payments and Basic Travel Allowance (BTA).

He said that the apex bank would continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

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Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design & development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

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