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Naira depreciates as CBN injects $195m

By Babajide Komolafe
The naira Monday depreciated against the  dollar even as the Central Bank of Nigeria  (CBN) injected $195 million to sustain its intervention in the foreign exchange market.

Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, confirmed the intervention in a statement issued yesterday.


He said that the CBN offered $100 million as wholesale interventions and allocated $50 million to the Small and Medium Enterprises (SMEs) forex window, while the invisibles segment comprising Business/Personal Travel Allowances, tuition and medical fees, among others, received $45 million.

However, data from the Financial Market Dealers Quote (FMDQ) showed that the naira depreciated by 93 kobo in the Investors and Exporters (I&E) window yesterday as the indicative exchange rate rose to N367.3 per dollar from N366.37 per dollar last week Friday. FMDQ also revealed that $79.76 million was traded in the window yesterday.

The naira also depreciated by N1 in the parallel market as the parallel market exchange rate rose to N367 per dollar at the close of business yesterday from N366 per dollar last week Friday.


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