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Naira depreciates to N360.13/$ in NAFEX as CBN injects $195m

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By Peter Egwuatu
The naira, yesterday, depreciated marginally to N360. 13 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window., just as the Central Bank of Nigeria (CBN), injected the sum of $195million into the inter-bank Foreign Exchange Market.

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

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, declined to N360.13 per dollar, yesterday, from Friday’s closing rate which stood at N360.08 per dollar, thus, indicating a five kobo depreciation of the Naira.

Meanwhile, the volume of dollars traded in the window, yesterday, stood at 146.06 million.

Meanwhile, figures obtained from the Bank indicate that the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million.

Those requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were allocated the sum of $45 million.

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