The Nigerian currency appreciated against the United States currency after the Central Bank of Nigeria (CBN) boldly rejected the call by International Monetary Fund (IMF) and World Bank to allow market forces to determine the exchange rate, IgbereTV reports
Data from FMDQ securities at the last trading day of last week showed naira closed at $418.33 to a dollar compared to the N419.50/$ it exchanged a day before.
The improved performance on Friday last week happened on the back of improved forex supply at the official market.
CBN on Friday pumped $169.06 million to the official market to meet Investors’ and Exporters’ forex needs.
Godwin Emefiele, CBN governor had last week insisted on a homegrown solution to managing Nigeria’s exchange rate and continue with its intervention in the forex market despite IMF, World bank saying it was putting pressure on the naira.
