Naira Reacts As CBN Injects $210m Into FOREX Market

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UK Export Agency Agrees To Accept Nigeria’s Naira For Trade Payments

The Naira started the week on a strong foot 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 on Monday, February 26, 2018.

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Confirming the injection, the Acting Director, Corporate Communications Department (CCD), CBN, Mr. Isaac Okorafor said:

“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.

At the parallel market, the local currency on Monday remained stable as it traded at N362 to the dollar, same amount it was sold last Friday. The Naira also closed against the euro at N481 at same market in Lagos.

Newsmen report that at the Bureau De Change (BDCs) window, the Naira also recorded same stability. It traded at N362 to the dollar, while the euro was sold at N482 since last week.

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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