Naira Reacts As CBN Boosts FOREX Market With $210 million

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

The Central Bank of Nigeria (CBN) has boosted the foreign exchange market with $210 million to meet customers’ requests in various segments, says an official.

Isaac Okorafor, Acting Director, Corporate Communications, said this in a statement on Wednesday in Abuja.

According to him, the bank, in its desire to meet customers’ needs, offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million.

Mr Okorafor also said customers needing foreign exchange for ‘invisibles’ such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million.

He recalled that the CBN on Thursday, intervened with $343.06 million to cater for requests in the retail segment of the foreign exchange market.

He added that the naira continued its stability in the foreign exchange market, exchanging at an average of N360 per dollar in the Bureau De Change (BDC), segment of the market Wednesday.

The Naira to US dollar is currently pegged at an official exchange rate of $1 to N305.35.

However, it is understood that on the black market – where most Nigerians likely take care of their forex needs – the rates are fluctuating between N358 to $1 for those buying and N360 to $1 for those selling.

For the British Pound, the rates, though officially fixed at N401.93, exchanges for N489 to £1 for those buying and N492 to £1 for those selling.

Also, the Euro exchanges at N420 to €1 for those buying, and N425 to 1€ for those selling, though it has an official rate of N358.05.

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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