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Naira becomes steady as CBN step in to meet forex shortages, See new exchange rate

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The Nigeria’s Naira on Thursday, February 2, maintained the N498 per dollar rate in the black market.

The local currency also closed the day at N615 per Pound and N525 per Euro as it was yesterday, February 1.

According to reports, the Naira is set to appreciate in the coming week as the Central Bank of Nigeria (CBN) has stepped in to meet forex shortages.

The Naira is expected to make gains after the CBN released around $660 million to quench greenback shortages in Africa’s biggest economy.

The Naira is quoted at 314.50/dollar on the official interbank window.

“The pressure on the market has reduced slightly because of the recent dollar sales by the central bank to clear part of the backlog of demand and the regular sales to bureaux de change by Travelex,” a Bureau De Change operator said.

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