Markets

Naira maintains gain as CBN injects $210m into forex market

by HOPE MOSES-ASHIKE

March 19, 2018 | 7:23 pm
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The nation’s currency on Monday maintained gains over the U. S dollars as the Central Bank of Nigeria (CBN), injected another sum of $210 million into the inter-bank Foreign Exchange Market, in its desire to sustain liquidity in the forex market, and thereby ensuring that forex is available for customers’ needs in various segments of the market.

Naira closed at N360.45k per dollar at the investors and exporters’ forex window on Monday, gaining 12 kobo over N360.57k traded on Friday last week, data from FMDQ revealed.

At the CBN official forex window, the local currency gained marginally by N0.05k to close at N305.70k per dollar on Monday from N305.75k quoted last week.

Activity at the interbank foreign exchange market remained low, with quotes ranging between N305.20/US$ and N306.20US$ according to FSDH.

The figures obtained from the CBN on Monday, March 19, 2018, the Bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Customers requiring 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.

Isaac Okorafor, the Bank’s Acting Director, Corporate Communications Department (CCD), confirmed the figures and reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability. He said that the steps taken so far by the Bank in the management of forex was paying off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves.

It will be recalled that last Monday, 12th March, 2018, the Bank injected the sum of $210 into the Wholesale segment of the forex market.

Meanwhile, the naira continued its stability in the forex market, exchanging at an average of N360/$1 in the BDC segment of the market on Monday, March 19, 2018.

 

HOPE MOSES-ASHIKE

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by HOPE MOSES-ASHIKE

March 19, 2018 | 7:23 pm
  |     |     |   Start Conversation

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