Naira weakens at inter-bank market
The nation’s currency on Monday weakened against the US dollar by N10.00k at the inter-bank foreign exchange market on increased demand by end users.
After trading on Monday, naira closed at N307.00k per dollar as against N306/$ traded on Thursday last week at the same window, data from FMDQ show.
Naira depreciated by 0.19 percent against the dollar at the Nigerian Foreign Exchange Fixing (NiFEX), closing at N331.00k on Monday from N330.37k sold on Thursday last week.
At the investors and exporters window, the local currency quoted at N360.32k to the dollar on Monday gaining 0.09 percent compared to N360.65k traded on Thursday last week.
The daily foreign exchange turnover rose to $195.63 million on Monday, gaining $81.56 million from $114.07 million recorded on Thursday last week.
The Central Bank of Nigeria (CBN) on Tuesday, November 28, 2017, injected another $210,000,000 to boost liquidity in the inter-bank Foreign Exchange Market.
The breakdown of the intervention shows that the sum of $100 million was offered to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got an allocation of $55 million. The invisibles segment (i.e. tuition fees, medical payments and Basic Travel Allowance (BTA), among others) was also allocated $55 million.
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