Naira strengthens slightly against dollar at Investors FX window
Motolani Oseni
The Naira on Wednesday strengthened marginally against the US dollar at the Investors & Exporters FX (I & E) window, gaining just 26 Kobo to exchange at N362.04 per dollar compared to N363.3 traded on Tuesday. At the close of yesterday trading activities, the investors’ window recorded transactions turnover of $397.32 million. The naira, traded flat at N359 to the dollar at the parallel market in Lagos, while the Pound Sterling and the Euro closed at N471 and N410, respectively. At the Bureau De Change (BDC) segment, the naira was sold at N360 to the dollar, while the Pound Sterling and the Euro traded at N471 and N410. Forex traders, however, lamented low patronage, which was attributed to the election week. Although, the Nigerian currency, had remained stable at the parallel market, hovering around N360 to the dollar. The CBN, on Tuesday, continued its weekly forex intervention with the injection of $210 million. Figures released by the apex bank indicated that it offered the total sum of $100million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. The invisible segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received $55 million. The Director, Corporate Communications at the Bank, Mr Isaac Okorafor, said the CBN was very pleased with the stability of the Forex market, adding that the Bank will continue to intervene in order to ensure the liquidity in the market. According to him, having virtually achieved the objective of rates convergence, the Bank was committed to sustaining the gains recorded in the foreign exchange market. Speaking further, Okorafor expressed optimism that the Naira will sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market. Consequently, the Naira continued to maintain its stability in the FOREX market, exchanging at an average of N356/$1 in the BDC segment of the market on Tuesday, February 19, 2019.
