Home Finance Naira strengthens as CBN injects $210m into Nigerian forex market with

Naira strengthens as CBN injects $210m into Nigerian forex market with

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The Naira appreciated by 0.02 per cent to N360.23 against the Dollar at the Investors & Exporters Foreign Exchange (I &E FX) window on Tuesday as the Central Bank injected $210 million in the foreign exchange market.

The I&E Forex Window had a total transaction turnover of $111.79 million, with trades consummated within the N356.00-N362.00/Dollar band.

The Director, Corporate Communications Department, Mr Isaac Okorafor confirmed the transactions adding that the effort of the Bank had helped to reduce exchange rate pressures across all segments of the market.

The local currency also strengthened at the interbank foreign exchange market to close at N306.95 per US Dollar at the Central Bank of Nigeria (CBN) official rate, against N307 that has been trading since the beginning of April.

But stood steady at an average rate of N360/$1 in the Bureau De Change (BDC) segment of the forex market

The Dollar was sold for N360.00 at the parallel market.

Meanwhile, the figures obtained from the CBN on Tuesday, authorized dealers in the wholesale segment of the market were offered the sum of $100million.

Similarly, 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.

According to him, the stability of the exchange rate underscored the level of confidence investors and the public had in the Naira.

The overnight lending rate crashed 2,550 basis points to close at 17.43per cent as market players were able to access liquidity from the CBN’s Standing Lending Facility window.

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