26 February 2018

Nigeria: CBN Injects $210m As Naira Appreciates to N360.19/$

The Naira started the week with a 51 kobo appreciation to N360.19 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 $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million.

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 I&E window dropped to N360.19 per dollar, yesterday, from N360.70per dollar recorded last week Friday, indicating a 51 kobo naira appreciation.

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