CBN injects $210m as naira depreciates further to N360.23/$

The Naira, yesterday, depreciated further by 17 kobo to N360.23 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 in need of 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 the indicative exchange rate for the  I&E rose toN360.23 per dollar yesterday, from N360.06 per dollar on  Monday, translating to a 17 kobo loss in the value of  the naira. The depreciation was in spite of  3.0 percent  increase in the volume of dollars traded in the I&E window yesterday. The transactions in the window stood at $285.82 million, up from $277.01 million recorded Monday. Vanguard investigation revealed that naira remained stable at N362 per dollar yesterday for the sixth consecutive business day in the parallel market.

Credits/Sources: www.vanguardngr.com