Strategies by the Central Bank of Nigeria to preserve the valuation of the naira against the greenback have been successful as the naira was on a record high yesterday at the parallel market segment of the Nigerian FX market.
The naira appreciated by 0.02% at N305.95 per dollar from its initial rate of N306 per dollar in the inter-bank segment of the FX market.
Although a relatively minute percentage growth, it is a step in the right direction.
The black market also benefited as the naira advanced by 70 kobo to an impressive two-year high at N360.50 against the dollar, which might have been as a result of the lower sale rate of N357 per dollar by the bank to BDC operators.
However, on the Investors and Exports window, there was a 0.05% depreciation at N360.95 per dollar.
Image Credit: Naija News
