— At the peak of onslaughts by currency speculators
the Nigerian currency had exchanged at N520
– This is a result of CBN’s intervention at the
foreign exchange market
The naira has appreciated by 30.3 per cent since
February when the Central Bank of Nigeria (CBN).
exchange market, the News Agency of Nigeria (NAN)
The Nigerian currency had exchanged at N520 to the
dollar at the peak of onslaughts by currency
speculators before the CBN stated intervening by
injecting foreign exchange in the market…
The CBN injection of over 3.6 billion dollars to meet
the demand for foreign exchange resulted in the
convergence of rates at the parallel market and the
Bureau De Change segments.
The apex bank’s intervention led to the current
flattening of the rate at 362.5 to the dollar at the
Prof Sheriffdeen Tella, a Senior Economist at the
Olabisi Onabanjo University, Ago-Iwoye, Ogun, said that
the CBN interventions were made possible by the
increase in the price of oil at the international market.
Tella said that the crude oil production output of two
million barrels per day also meant more money for the
He, however, that the recent production cut by the
Organisation of Petroleum Exporting Countries (OPEC)
to 1.8 million barrels per day might affect the nation’s
crude oil earnings.
He urged the CBN to continue to intervene at the
official foreign exchange market market sustain the
appreciation of the naira across board.