Naira ends week on strong note

Efforts by the Central Bank of Nigeria to salvage the naira yielded positive results as the nation’s currency closed at N385 to a dollar on Friday.

During the week, the CBN injected a total of $380 million into the forex market and increased the forex allocations of Bureau de Change operators to meet the needs of customers.

This makes it the second time that the allocations would be increased in recent times with the first been from $8,000 per week to $10,000 per week on March 30.

On Tuesday, CBN announced that it would increase the weekly allocation of BDCs from $10,000 to $20,000.

On the international market, the naira closed at N315.99 to a dollar, N404.5 to a pound and N338 to the euro.

At the parallel market, the naira closed at N385 to a dollar, N490 to a pound and N410 to the euro.

-The Cable