18 July 2018

Nigeria: Naira Depreciates to N358.7/$ As CBN Injects U.S.$210 Million

The Naira, yesterday, depreciated by 70 kobo to N358.7 per dollar in the parallel market even as the Central Bank of Nigeria (CBN) injected $210 million into the inter-bank forex market.

The apex bank 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, just as $55 million was also allocated for invisibles such as tuition fees, medical payments and Basic Travel allowance (BTA).

According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange rose to N358.7 per dollar from N358 per dollar on Monday, indicating 70 kobo depreciation of the naira. However, the Naira appreciated by 15kobo to N361.70 per dollar in the Investors and Exporters (I&E) window yesterday.

Data from FMDQ showed that the indicative exchange rate for the window dropped to N361.7 per dollar yesterday from N361.85 per dollar on Monday, indicating 15 kobo appreciation of the naira. The volume of dollars traded in window yesterday declined by 43 percent to $70.77 million from $123.93 million traded on Monday.

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