Naira Appreciates To N360.28/$ As CBN Injects $210m

The Central Bank of Nigeria (CBN) yesterday injected $210 million into the foreign exchange market even as the Naira appreciated by 8 kobo  to N360.28 per dollar in the Investors’ and Exporters’ (I&E) window.

Acting Director, Corporate Communications Department (CCD), CBN,  Mr. Isaac Okorafor confirmed the injection saying: “The CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million.  According to figures obtained from the Bank on Monday, February 19 2018. 

Customers in need of 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.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window known as Nigerian Autonomous Foreign Exchange, NAFEX, dropped to N360.28 per dollar, yesterday, from N360.36 per dollar recorded last week Friday, indicating an 8 kobo appreciation of the naira.

Meanwhile, the volume of dollars traded in the I&E window yesterday stood at $181.01 million; even as naira  remained stable at  N363 per dollar yesterday, in the parallel market.

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