Markets

Forex daily turnover rise to $367.44m at I&E window

by HOPE MOSES-ASHIKE

October 5, 2017 | 3:54 am
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A bureau de change operator counts U.S. currency notes

 

The foreign exchange daily turnover rose to $367.44 million on Wednesday, showing 8.05 percent increase over $340.07 million recorded the previous day at the investors and exporters forex window.

The naira/dollar exchange rate weakened by N0.39k to close at N360.46k per dollar as against N360.07k/$ traded on Tuesday at the same window, data from FMDQ show.

At the Bureau De Change (BDC) segment of the foreign exchange market, naira appreciated against the US dollar gaining N1.00k as it closed at N363 per dollar on Wednesday from N364/$ traded the previous day.

The local currency remained stable at the inter-bank official market closing at the rate of N305.70k per dollar according to data from FMDQ.

The Central Bank of Nigeria (CBN), in continuation of its efforts to sustain forex liquidity in the country, on Tuesday, October 3, 2017, intervened in the inter-bank foreign exchange market to the tune of $195 million.

Figures released by the apex Bank show that it offered the total sum of $100 million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

The acting director, corporate communications department at the Bank, Isaac Okorafor, while confirming the figures, said the CBN was pleased with the state of the Forex market, adding that the Bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

Okorafor reiterated the apex Bank’s determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.

According to him, the Bank remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.

It will be recalled that the CBN last week intervened in the various segments of the forex market with the sum of $698.5 million.

 

 

HOPE MOSES-ASHIKE


by HOPE MOSES-ASHIKE

October 5, 2017 | 3:54 am
  |     |     |   Start Conversation

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