The Naira on Thursday consolidated gains against the US dollar to close at 385 per dollar at the parallel market, following a total of $380million injected into the forex market by the Central Bank of Nigeria (CBN) within two days.

The apex bank in a bid to strengthen the naira on Tuesday released first tranche of $280 million and on Wednesday, the bank offered additional $100 million to authorised dealers to meet the 7 to 15-day forwards requests of customers.

The new closing rate of the local currency yesterday represented up 2.6 percent from early trading and supported by central bank intervention on the official market, traders said.

At the parallel market, the naira gained five points to exchange at N385 to the Dollar from the N390 recorded on Wednesday.

The Pound Sterling and the Euro traded at N495 and N410, respectively.

At the Bureau De Change (BDC) segment, the Naira closed at N362 to the dollar, while the Pound Sterling and the Euro exchanged at N490 and N424, respectively.

Currency traders urged the Federal Government to plough back the huge sums of money recovered from looters into the economy to further prop up the Naira.

It would be recall that the naira on Wednesday closed at N390 at the parallel market and N306 to a dollar at the interbank market.

Meanwhile, the World Bank has applauded the strategy of the CBN to increase sales of foreign exchange to the interbank market, BDCs as well as other segments.

It, however, stressed the need for the CBN to ease restrictions on access to foreign exchange, which continues to hinder rigorous economic recovery in the country.


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