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As CBN Injects $210m Into Foreign Exchange Market Naira Trades At 364/Dollar

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Naira Increases In Value As Surplus Dollars Hit Nigeria Market

The Naira on Monday closed at 364/dollar at the parallel market, the same rate the United States Dollar traded against the local unit on Friday, January 26, 2018.

This is just as the Central Bank of Nigeria (CBN) yesterday injected another $210m into various segments of the inter-bank foreign exchange market.

At Monday’s trading, the CBN offered the sum of $100m as wholesale interventions and allocated the sum of $55m to the Small and Medium Enterprises forex window.

Customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others, equally got an allocation of $55m.

Confirming the sales, the Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, reiterated that the bank would continue to sustain its interventions in the foreign exchange market.

He expressed optimism that the value of the naira would continue to spike in the face of accretion to the foreign reserves and the attendant reduction in the country’s import bill.

While also attributing the stability in the market to the bank’s transparency and cooperation of authorised dealers, he urged all dealers to continue to play by the rule, as the CBN would not hesitate to sanction any erring bank or dealer.

Friday’s sales were in favour of interests in the agricultural, airlines, petroleum products, raw materials and machinery sectors.

Meanwhile, the naira is expected to edge up this week due to tepid dollar demand.

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