Naira gains at investors’ forex window, stable at other segments

…Records daily turnover of $377.93m
The Naira on Thursday appreciated further at the Investors’ & Exporters’ (I&E) FX Window, as the nation’s currency closed Thursday trading activities at a better rate of N360.99 to the dollar, against N361.18 exchanged the previous day, checks by The Daily Times revealed.

The special forex window, also, recorded a daily transactions turnover of $377.93 million, while the naira remained unchanged at N358 to the dollar at the parallel market in Lagos, the same rate it stood on Wednesday, however, stronger than N359 traded on Tuesday.

The Pound Sterling and the Euro closed at N470 and N408, respectively.

Trading at the Bureau De Change (BDC) segment saw the naira closing at N360 to the dollar, while the Pound Sterling and the Euro traded at N470 and N408, respectively.

It is however, worthy of note that the Central Bank of Nigeria (CBN) had earlier in the week injected the sum of $210 million into the Inter-bank Foreign Exchange Market.

Figures obtained from the CBN on Tuesday, February 26, 2019, indicated that authorised dealers in the wholesale segment of the market were offered the sum of $100 million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

Similarly, customers requiring 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.

Confirming the figures, the Bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor, reiterated CBN’s commitment to continue to boost the interbank foreign exchange market to ensure liquidity in the market.

It would be recalled that on Friday, February 22, 2019, the Bank injected the sum of $268.4 million and CNY46.3 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, February 26, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.