Naira loses strength against Pound, stays firm against Dollar

- The Naira has gained strength against the Euro, stayed firm against Dollar

- The local currency however crashed against the Pound at parallel market

- Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange BDC and a rate for foreign school fees

The Naira on Wednesday, May 10, stayed unchanged against the American Dollar at the parallel market.

The Nigerian currency closed at N388 to the Dollar, yesterday, a figure it has maintained today.

However, the local currency crashed to N495 against the Pound Sterling from the previous rate of N492, while it gained five points against the Euro to close at N420 from the previous rate of N425.

Dollar to Naira

Earlier, 360Basic had reported that the Central Bank of Nigeria (CBN) is set to inject more foreign exchange through intervention segments of the market, thereby heightening expectations that the Naira will appreciate significantly during the week.

The spokesman of the apex bank, Isaac Okorafor, confirmed the anticipated interventions in most segments of the market during the week, with effect from Monday, May 8.

According to him, the Bureau De Change (BDC) and the Small and Medium Scale Enterprises (SMEs) along with other major segments will also receive the adequate intervention with a view to providing liquidity in the entire foreign exchange market.

360Basic can also report that Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange Bureau De Change and a rate for foreign school fees.