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The Nigerian naira closed at N1,362/$ at the official market on Monday after the Central Bank of Nigeria stepped in to defend the currencyTotal foreign exchange inflows for the week reached $1.01 billion, with the CBN supplying nearly half of the entire volumeNigeria’s gross external reserves edged up to $52.03 billion, strengthening the CBN’s ability to keep intervening in the market
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian naira remained relatively stable at the official foreign exchange market on Monday, trading around ₦1,362 to the US dollar after the Central Bank of Nigeria, CBN, stepped up interventions to support the local currency.
Fresh data from the Nigerian Foreign Exchange Market, NFEM, showed that the naira closed at ₦1,362.2064 per dollar, compared with the opening rate of ₦1,362.0866 recorded at the start of the trading week.
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