The Central Bank of Nigeria (CBN) interventions
in the foreign exchange market has seen the
Nigerian Naira maintain its strength against the
American Dollar at the parallel market.
Since the local currency dropped to a record low
of N520/$1 in February, the CBN has injected
more than $4 billion to various sectors of the
economy.
This ultimately has brought stability in the forex
market.
According to findings, the Naira has maintained the N379/$1 rate of yesterday, May 23, at the parallel market.
The Nigerian currency also stayed unchanged at
N490 and N420 against Pound Sterling and Euro
respectively.
