By Adaeze Okechukwu
The Naira yesterday appreciated by 31 kobo to N360.16 per dollar in the Investors’ and Exporters’ (I&E) window, even as the Central Bank of Nigeria (CBN) injected $210 million into the foreign exchange market.
Acting Director, Corporate Communications Department (CCD), CBN, Mr. Isaac Okorafor confirmed the injection saying: “The CBN offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million. Customers needing 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 I&E window dropped to N360.16 per dollar, yesterday, from N360.47 per dollar recorded on Tuesday , indicating a 31 kobo naira appreciation.
This appreciation was in spite of the 53 percent decline in the volume of dollars traded in the window. The window recorded turnover of $237.03 million, down from $361.48 million recorded on Tuesday.