13 June 2017

Nigeria: Naira Appreciates to N364

The Central Bank of Nigeria (CBN) Tuesday said that value of transactions in the Investors and Exporters window of the foreign exchange market has reached $2.2 billion.

Acting Director, Corporate Communication Department, CBN, Mr. Isaac Okoroafor disclosed this yesterday. He said the volume of currency trading in the Investors' & Exporters' (I&E) FX Window had cumulatively hit heights of $2.2 billion since the CBN introduced it on Friday, April 21, 2017 to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

Meanwhile the naira appreciated to N364 per dollar in the parallel exchange market in response to increased dollar supply.

Vanguard survey showed that the parallel market exchange rate which rose by N3 on Monday to N366 per dollar dropped to N364 per dollar at the close of business yesterday.

Market operators attributed the N2 appreciation to the inflow of dollars into the BDC segment. It was gathered that the CBN yesterday sold $20,000 to each of the 3,145 BDCs across the country yesterday.

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