Naira Value Increases as a result of CBN Intervention

On August 21, Friday, the Nigerian currency, the naira, regained its strength and appreciated to N208 to the US dollar in the parallel market.

Meanwhile, the British pound sterling and the euro also traded at N330 and N230, respectively. However, the official interbank exchange rate remained at N197 to the Dollar.

Commenting on the fluctuation of the naira, Olufukeje Adegbeye, a wealth manager, attributed it to the global devaluation of the dollar and recent monetary policies of the Central Bank of Nigeria (CBN).

According to the manager, the intervention of the CBN stifled the forces of demand and supply in the nation’s currency market.

Adegbeye, who is also a currency trader, said that the interventions of the apex bank would have been gradual, to stem its impact on businesses.


“The businessman on the street should be taken into consideration. Some of our manufacturers still depend on the importation of raw materials for their operations.

“The policy on foreign exchange restriction has made life extremely difficult for manufacturers,’’ he noted.

Adegbeye expressed concers over policies of the CBN that created avenues for the cross border smuggling of foreign currencies.

Meanwhile, the CBN has recently raised the alarm over a new form of money laundering which must be curbed to save the country from international sanctions