The naira recorded a major gain on Wednesday, closing at 390 per United States dollar at the parallel market, up from 405/dollar on Tuesday.
This came barely 24 hours after the Central Bank of Nigeria announced the injection of $280m into the various segments of the forex market and the commencement of its weekly $20,000 sale to licensed Bureau De Change operators.
Before closing at 405/dollar on Tuesday, a day after the Easter holidays, the local unit had closed flat at 410/dollar for seven consecutive days.
As a result, currency analysts had expressed concerns over the exchange rate resistance to the CBN’s continued dollar supply into the forex market aimed at bridging the gap between parallel and official exchange rates.
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