Home Banking CBN injects $210m to sustain Foreign exchange market

CBN injects $210m to sustain Foreign exchange market

CBN injects $210m to sustain Foreign exchange market

The Naira yesterday started the week with a 12 kobo appreciation to N360.45 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.

Acting Director, Corporate Communications Department (CCD), CBN, Mr. Isaac Okorafor confirmed the injection saying: “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.
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.”

Meanwhile, data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E dropped toN360.45 per dollar yesterday, from N360.57 per dollar last week Friday, translating to a 12 kobo appreciation of naira. The appreciation was occasioned by a 71 percent increase in the volume of dollars traded in window yesterday which stood at $168.51 million up from $98.6 million traded Friday, last week.