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Naira down to N360.67/$, as CBN injects $210

By Adaeze Okechukwu
The Naira Wednesday depreciated further to  N360.67 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market even as the Central Bank of Nigeria (CBN), injected $210 million.

Confirming the injection, Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said: “The apex bank offered the sum of $100 million to authorized dealers in the wholesale segment of the market.

The Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million while the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).
Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window rose for the second consecutive time this week to N360.67 per dollar, today, from N360.51 per dollar on Monday, translating to a 16 kobo depreciation for the naira. Thus the naira has depreciated by 26 kobo this week.

Meanwhile the volume of dollars traded fell by 49 percent today to $185.36 million from N362.52 million on Monday. Meanwhile, the naira yesterday remained stable at N362 per dollar in the parallel market.

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