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 Central Bank of Nigeria (CBN) on Monday, February 19, injected $210 million into the foreign exchange market even as the Naira appreciated by 8 kobo to N360.28 per dollar in the Investors’ and Exporters’ (I&E) window.

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

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

“The CBN 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. 

“According to figures obtained from the Bank on Monday, February 19 2018.  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.”

“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, dropped to N360.28 per dollar, yesterday, from N360.36 per dollar recorded last week Friday, indicating an 8 kobo appreciation of the naira.”

 Meanwhile, the volume of dollars traded in the I&E window yesterday stood at $181.01 million; even as naira  remained stable at  N363 per dollar yesterday, in the parallel market.

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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