Naira strengthens to N450/$1 as CBN pumps in more dollars

The naira on Monday continued to strengthen against the dollar and other major currencies, gaining N10 to exchange at N450 to a dollar at the parallel market.

The pound sterling and the euro exchanged at N560 and N470.

At the bureau de change (BDC) window, the naira sold at N399 to a dollar, CBN controlled rate, while the pound sterling and the euro closed at N610 and N500 .

The naira traded at N305.50 to a dollar at the inter-bank market.

Traders at the market expressed confidence in the new forex policy and its ability to restore the naira to its lost glory.

Meanwhile, some traders are still in shock at the performance of the naira, as many believed that the Nigerian currency would sink further to N1,000 to a dollar.

The Central Bank of Nigeria (CBN) had earlier pumped fresh $180 million into the foreign exchange market, in its bid to solve the problem of forex scarcity.

The apex bank injected $80 million for personal travel allowance (PTA), school fees, and medical trips abroad, while another $100 million was sent into the system via banks for wholesale forwards market.

Last week after it announced fresh policy actions in the foreign exchange market, based on directives from the national economic council (NEC), the bank pumped $370.9 million into the forex market.