The naira, on Monday, crashed in the parallel market.

This is just as the Central Bank of Nigeria (CBN) injected $195 million into the interbank market.

The currency depreciated by N1 in the parallel market as the exchange rate for the market rose from N365 to N366 per dollar on Friday.

The naira also fell by 94 kobo in the I&E window as the indicative exchange rate rose from N366.44 per dollar last week Friday to N367.38 per dollar at the close of business, on Monday.

In a statement issued on Monday, the acting Director, Corporate Communications Department, CBN, Isaac Okoroafor, announced the injection of $195m into the interbank market.

He said, “In the wholesale segment of the inter-bank Foreign Exchange market, the CBN auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45m respectively.”