How Nigeria’s Naira Fared Against US Dollar (Oct. 4)

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Naira, Dollar, Parallel Market

The Nigerian naira on Wednesday, October 4, recorded a marginal gain of N1, thus appreciating to N363 from N364 – which was the market closing rate for Tuesday – against the United States dollar.

The local currency had closed at 364/dollar on Tuesday, up from 365/dollar recorded on Friday.

The increase comes barely three days after the Central Bank of Nigeria (CBN) intervened in the inter-bank foreign exchange market with the sale of $195m.

Figures released by the CBN showed that the regulator offered the total sum of $100m to the wholesale segment, while the Small and Medium Enterprises segment received the sum of $50m.

The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance, among others, received $45m.

The Acting Director, Corporate Communications Department at the Bank, Mr. Isaac Okorafor, while confirming the figures, said the sale was in continuation of the central bank’s efforts to sustain forex liquidity in the country.

According to him, the bank has remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.

The CBN had last week intervened in the various segments of the Forex market with the sum of $698.5m.

Also, the Nigerian currency, yesterday, depreciated for the first time this week to N360.46 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window.

Data from the Financial Market Dealers Quote, FMDQ, showed that the indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, rose to N360.46 per dollar, yesterday, from Tuesday’s closing market rate which stood at N360.07 per dollar.

This translated to 39 kobo appreciation of the Naira. Meanwhile, the volume of dollars traded in the window stood at $257.56 million.



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