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Naira Weakens Against Euro as CBN Lifts Market with $210m

By Dipo Olowookere

The Naira depreciated against the Euro on Wednesday at the black market just as the Central Bank of Nigeria (CBN) supported the foreign exchange market with a fresh $210 million to sustain fluidity at the market.

The local currency, which was exchanged at the parallel market on Tuesday at N425 per Euro, lost N1 on Wednesday to trade at N426 at the market.

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This came a day after the apex sold $100 million to the wholesale segment, $55 million to the Small and Medium Enterprises (SMEs) segment, and $55 million to the invisibles segment such as tuition fees, medical payments and Basic Travel Allowance (BTA).

According to the Acting Director, Corporate Communications Department at CBN, Mr Isaac Okorafor, the releases were part of efforts aimed at further enhancing ease of doing business in Nigeria.

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On market conduct, the CBN spokesman urged authorised dealers to abide by the extant rules of the forex market as CBN would continue to intensify monitoring of the market.

But despite the loss recorded by the Nigerian currency against the Euro, the Naira stayed flat against the Dollar and Pound.

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Business Post reports that the Naira close yesterday at N363 to a Dollar, while it traded at N480 to the Pound, same amount both currencies were exchanged at the black market on Tuesday.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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