Naira steady at 368/$1 at parallel market
As FX market lifted with $396.8m in days
Despite the injection of $396.8million into the inter-bank foreign exchange in the space of few days, the Nigerian currency, the Naira, on Tuesday, closed at 368 per dollar against 367 sold on Monday, indicating a drop of one point at the parallel segment.
The Central Bank of Nigeria (CBN), on Monday, injected $142.5 million into the forex market, which was just few days after intervening in the retail segment of the market with 254.3 million dollars, making total sum of $396.8 million.
The naira, also, depreciated slightly against the Euro at 415 compared to 414 traded on Monday, but still better than 420 exchanged on Friday, but remained unchanged at 470 per Pound Sterling at the parallel market.
The local currency, also, stabled at 306.00 per dollar at the CBN official rate, date from its official website has showed.
However, the Naira at the Investors & Exporters FX window, opened at 366.08 against 364.56 opened the previous day, and closed at 361.86, the same rate it closed on the first trading of the week.
The spokesperson of the apex bank, Mr Isaac Okorafor, in a statement, said the CBN would continue to carry out its regular mediation in the market to keep the market liquid and guarantee the international value of the naira in line with its mandate.
A breakdown of Monday’s intervention indicates that the Bank offered 100 million dollars to dealers in the wholesale segment, while it allocated 23 million dollars to the Small and Medium Enterprises (SMEs) segment.
Also, for those requiring foreign exchange for invisibles, such as, tuition fees, medical payments, business and personal travel allowances received 19.5 million dollars.
Okorafor said the CBN would not relent in ensuring transparency and efficiency in the sale of Forex.
According to him, the Bank has mandated dealers to make public their forex utilisation.
He therefore urged all stakeholders to continually play their roles to guarantee transparency in the market.
The CBN, last Friday, intervened in the retail segment of the forex market to the tune of 254.3 million dollars, following bids received from forex dealers by the apex bank.
The figure sold by the bank was for companies in the raw materials, agricultural, airline and petroleum industry.
Motolani Oseni
