Naira appreciates as CBN injects $195m into forex market


October 24, 2017 | 1:49 pm
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Central Bank of Nigeria (CBN) on Monday, injected $195 million into the interbank foreign exchange market, which helped to shore up the naira value against the dollar.
Figures obtained from the bank indicate that the CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received $50 million. Those requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were allocated $45 million.
Consequently, after trading on Monday, the nation’s currency market closed with naira/dollar exchanging for N360.13k, which shows 0.05 percent appreciation compare with the level traded on Friday at the investors and exporters forex window, data from FMDQ indicated.
At the interbank foreign exchange market, the local currency was quoted at the rate of N305.65k on Monday, the same level it closed on Friday last week, according to FMDQ figures.
The apex bank’s acting director in charge of corporate communications, Isaac Okorafor, confirmed the figures, saying the bank was confident that the level of transparency it had entrenched in the market would help the naira to sustain its steady run against the dollar and other major currencies around the world.
According to Okorafor, “the market will remain very stable as long as every player sticks to the forex guidelines.”
It would be recalled that the CBN last week intervened in the various segments of the forex market with the sum of $195 million.
Meanwhile, the naira continued to maintain its stability in the market, exchanging at an average of N360/$1 in the BDC segment of the market on Monday.




October 24, 2017 | 1:49 pm
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