Naira Records Gain As CBN Injects $457.3m Into Forex Market

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Naira To Appreciate As CBN Plans To Pump More Dollar Into Forex Market

The naira on Monday closed at N383 to a dollar at the parallel market after the Central Bank of Nigeria (CBN) injected 457.3 million dollars into various segments of the market.

The local currency appreciated last week as it closed at N386/dollar on Friday, having closed at N390/dollar daily in the past one week.

How Nigeria’s Naira Fared Against Dollar On Parallel Market

The naira also firmed to about 305.60 to the dollar on the interbank market on Friday, up from 305.1/dollar on Thursday.

Speaking on the intervention by the apex bank, the CBN Spokesman, Mr Isaac Okorafor, in a statement, in Abuja, said that both the spot and forwards segments garnered 267.3 million dollars, while the wholesale segment got 100 million dollars.

Okorafor said the Small and Medium Enterprises (SMEs) and invisibles segments comprising basic travel allowance, tuition fee and medical got 50 million dollars and 40 million dollars respectively.

Meanwhile, checks by NAN on the volume of trading on the Investors and Exporters foreign exchange window in the past three weeks on the FMDQ platform revealed that 600 million dollars had been sold by both the CBN and autonomous sources.

Okorafor expressed satisfaction with the level of activities in the market.

The CBN spokesperson further said that the volume of activities being recorded in the Investors and Exporters forex segment was indicative of the fact that investors were attracted to the Nigerian financial market and the economy in general.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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