Euro Trades Lower Against Naira on CBN $195m Intervention

By Dipo Olowookere

The Euro closed lower yesterday against the Naira at the parallel market yesterday, trading N422 per Euro compared with N423 it was sold on Monday.

This came after the Central Bank of Nigeria (CBN) released the sum of $195 million into the foreign exchange market.

The intervention was mainly to sustain the steady flow of forex at the market, which has kept the local currency relatively stable against the major foreign currencies.

For over a week now, the Naira has closed unchanged against the Dollar, trading at N363 to the Dollar at the market on Tuesday.

Business Post reports that the Naira, at the black market yesterday, was sold at N475 per Pound, the same amount it went for on two days ago.

The central bank has been making efforts to keep the Naira very stable since it started the regular release of forex into the market in February 2017.

The local currency had before then gone above N500 and was feared to be reaching N600 per Dollar.