How Naira Fared Against The Dollar (March 26)

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

The Nigerian naira on Monday, March 26, commenced the week with a 6 kobo depreciation to N360.06 per US dollar, in the Investors and Exporters (I&E) 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 N360.06 per dollar yesterday, from N360 per dollar last week Friday, indicating a 6 kobo loss in the value of naira.

Nigerian Banks Lose 2 Million Customer In 2017

The depreciation was in spite of the $17.74 million increase in the volume of dollars traded in the I&E window yesterday.

The transactions in the window stood at $277.01 million, up from $259.27 million recorded last week Friday.

In the meantime, naira remained stable at N362 per dollar yesterday for the fifth consecutive business day in the parallel market.

The Central Bank of Nigeria (CBN) on Friday, March 23, sustained its intervention in the foreign exchange (forex) market by injecting the sum of $339.89 million in the Retail Secondary Market Intervention Sales (SMIS).

The preceding Friday, the Bank also injected $210 million into the Wholesale segment of the forex market.

Bear in mind that the Debt Management Office (DMO) had about a week ago also revealed that the Nigerian government borrowed N4.365 trillion in 2017, bringing the country’s total debt stock to N21.725 trillion.



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