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CBN injects $195m as naira depreciates to N367.88/$ on NAFEX

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By Babajide Komolafe
The naira yesterday depreciated marginally to N367.88 per dollar in the Investors & Exporters (I&E) window even as the Central Bank of Nigeria (CBN) injected $195 million into the interbank market.

Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor confirmed the intervention in a statement issued yesterday. He said the apex bank offered $100 million in wholesale auction at the inter-bank foreign exchange market and intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with $50 million and $45 million, respectively.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window dropped from N367.60 per dollar last Friday to N367.88 at the close of trading yesterday, translating to 28 kobo depreciation for the naira. Last week the naira depreciated by N1.23 at the window. The FMDQ also revealed that the volume of dollar traded in the window rose by 58 per cent to $83.98 million from $53.24 million traded on Friday. However, the naira remained stable at N365 per dollar at the parallel exchange market yesterday.

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