Naira stables against dollar across official FX segments

…As investors record transactions turnover of $245m

The Nigerian currency, Naira on Wednesday remained stable against the Unites State Dollar across official Foreign Exchange segments.

This is even as the Investors & Exporters FX (I&E FX) window, recorded a total transactions turnover of $245 million, higher than $179.10 million sold on Tuesday.

The I&E FX window, however, began yesterday trading activities at an open rate of N361.96 per dollar before closing at N362.29, the same rate it traded the previous day.

Similarly, the Naira remained unchanged at the Central Bank of Nigeria (CBN) official rate at N306.95 to the dollar, the same rate it has been selling since the market opened on Monday.

At both the Bureau De Change (BDC) and the parallel market, the Naira was flat against the US dollar at N359 per dollar and N361 to a Dollar respectively.

Meanwhile, the CBN in its bid to sustain liquidity in the forex market has continued to intervene in the interbank foreign exchange market.

The apex bank has been injecting forex into the Secondary Market Intervention Sales (SMIS), while allotting forex to the Wholesale SMIS, Small and Medium Scale Enterprises and Invisibles.

Finance analysts, however, believed that the Naira will remain stable against the Dollar in most market segments, especially at the I&E segment as CBN sustains its special interventions.