20 November 2017

Nigeria: Naira Down Marginally As CBN Injects $210m

The Naira, Monrday, depreciated marginally to N360.42 per dollar in the Investor and Exporter (I&E) Foreign Exchange, forex, window, even as the Central Bank of Nigeria, CBN, injected $210 million into the inter-bank forex market.

The indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, depreciated by 2 kobo to N360.42 per dollar, from N360.40 per dollar at the close of the market last week. Meanwhile, the volume of dollars traded in the window yesterday stood at $346.36 million.

Meantime, in a bid to boost liquidity and trade, the CBN injected $210 million into the interbank market.

Confirming the intervention, Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, said that, "the CBN offered the total sum of $100million to the wholesale segment, while the Small and Medium Enterprises segment received the sum of $55 million. The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received an allocation of $55 million."

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