Naira weakens across market segment
by HOPE MOSES-ASHIKE
October 27, 2017 | 1:29 am| | | Start Conversation
The nation’s currency on Thursday depreciated against the US dollar at all segment of the foreign exchange market as speculative activities has been reduced helped by consistent interventions of the Central Bank of Nigeria (CBN).
Naira closed at N360.40k per dollar on Thursday, losing 0.003 percent compared to N360.39k traded on Tuesday at the investors and exporters forex window, data from FMDQ indicated.
It also weakened at the official inter-bank market by 0.02 percent to close at N305.75k on Thursday from N305.70k quoted the previous day.
At the Nigerian Foreign Exchange Fixing (NiFEX) window, the local currency felled by 0.07 percent to close at N329.50k per dollar on Wednesday, as against N329.25k/$ traded on Tuesday.
The CBN continued it intervention this week, boosting the foreign exchange market with the sum of $195 million. Figures obtained from the Bank indicate that the CBN offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. Those requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were allocated the sum of $45 million.
External reserves rose to $33.6 billion as at October 25, 2017, according to the figure from the Central Bank.
Big Read |