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CBN injects $210m as naira depreciates to N360.37/$

By Adaeze Okechukwu
The naira Monday started the week with a marginal depreciation of 2 kobo to N360.37 per dollar in the Investors and Exporters (I&E) window, even as the Central Bank of Nigeria injected $210 million into the foreign exchange market.

CBN Governor, Mr Godwin Emefiele

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 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.”

Meanwhile, data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window rose to N360.37 per dollar, yesterday, from N360.35 per dollar Friday last week, indicating a 2 kobo depreciation of naira; while, the volume of dollars traded in the widow yesterday stood at $655.72 million.

Vanguard Investigation revealed that naira remained stable at N364 per dollar in the parallel market for the fourth consecutive business day.


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