Naira appreciates as NNPCL boosts forex supply with $3bn loan

THE Naira yesterday recorded significant gain against the dollar in the parallel market and the official Investors and Exporters, I&E window even as the forex market received a major supply boost as   the NNPC Limited secured a $3 billion facility from the AfreximBank aimed at stabilising the exchange rate.

Vanguard survey showed that   the   Naira appreciated by N28 or 3.8 per cent   in the parallel market, as the exchange rate fell to N885 per dollar from N920 per dollar on Tuesday. The Naira also appreciated by N21.44 per dollar or 3.25 per cent in the official I&E window as the indicative exchange rate fell to N759.86 per dollar from N781.30 per dollar on Tuesday.

Parallel market sources who spoke to Vanguard attributed the appreciation of the Naira to the recent   pronouncement of the Acting Governor, Central Bank of Nigeria, CBN, Mr. Folashodun Shonubi, which signalled that the apex bank will soon unveil measures to boost forex supply, tackle speculators in a bid to address continued depreciation of the naira.

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