Naira Gains 12k as CBN Ploughs $210m Into Forex Market

Naira Notes

 

The Central Bank of Nigeria (CBN) continued its regular intervention strategy to shore up the value of the naira as it injected another $210 million into the foreign exchange market.

This left the naira starting the week on Monday with a 12 kobo appreciation to N360.45 per dollar, in the Investors and Exporters (I&E) window.

“The CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million,” CBN’s acting director, Corporate Communications Department (CCD), Mr. Isaac Okorafor said on Monday, confirming the injection.

According to him, “customers in need of foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.”

Meanwhile, data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E dropped toN360.45 per dollar on Monday, from N360.57 per dollar last week Friday, translating to a 12 kobo appreciation of naira.

The appreciation was occasioned by a 71 percent increase in the volume of dollars traded in window on Monday which stood at $168.51 million up from $98.6 million traded Friday, last week.

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