Naira weakens 0.04% to $/N362.39 in Investors’ Forex Window as CBN injects $314.74mn

Nigerian currency depreciated 0.04 per cent to N362.39 against the Dollar on Friday at the c, despite the Central Bank’s intervention in the market.

The apex bank injected $314.74million into the retail Secondary Market Intervention Sales (SMIS) and 23.5million Chinese Yuan in the spot and short-tenored forwards segment of the inter-bank foreign market on Friday.

Meanwhile, Naira opened at N362.10 at the I&E forex market, traded high at N363.00 and eventually closed at N362.39 representing a 0.04 per cent depreciation against the previous day’s position.

Investors traded a total of $228.98 million through the I&E window.

At the interbank segment of the market, the local currency shed 0.02 per cent to close at N306.95/$1.

Isaac Okorafor, Director, Corporate Communications Department of the CBN explained that the intervention, as in previous sales was for requests in the agricultural and raw materials sectors, while the Chinese Yuan was for Renminbi-denominated Letters of Credit.