22 January 2018

Nigeria: CBN Injects U.S.$210 Million As Naira Depreciates to N360.67/$ in I&e

Photo: This Day

The naira, Monday, depreciated by 57 kobo to close at N360.67 per dollar in the Investors' and Exporters' (I&E) window, even as the Central Bank of Nigeria (CBN) injected $210 million into the foreign exchange market.

Acting Director, Corporate Communications Department (CCD), CBN, Mr. Isaac Okorafor confirmed the injection saying: "the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million."

The figures obtained from the Bank yesterday indicated that customers needing 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.

Meanwhile, data from the Financial Market Dealers Quote (FMDQ) showed that indicative exchange rate for the window rose to N360.67 per dollar, yesterday, from N360.1 per dollar recorded last week Friday, indicating a 57 kobo loss in the value of naira.

The depreciation was prompted by 30 per cent decrease in the volume of dollars traded in the window, which fell to $273.94 million from 392.15 million traded last week Friday.

The I&E window recorded a turnover of $1.42 billion last week; while the naira depreciated to N365 per dollar yesterday, in the parallel market.


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