Economy

Naira Stable At N385/$1

Published

4 years ago

May 16, 2017

The Central Bank of Nigeria (CBN) yesterday injected $457.3 million into various segments of the foreign exchange market, even as the naira remained stable at N385 per dollar in the parallel market.

Meanwhile the CBN also disclosed that the Investors and Exporters (I&E) foreign exchange window has so far attracted $600 million from autonomous sources and from the apex bank. Acting Director, Corporate Communications at the Central Bank of Nigeria, Isaac Okorafor, disclosed these developments saying a breakdown of the $457.3 million offered yesterday indicates that both the spot and forwards segments received a total of $267.3 million while the wholesale segment got $100 million.

H said that the SME and invisibles segments comprising of basic travel allowance, tuition fee and medical got and $50 million and $40 million respectively.

He added that the volume of trading on the Investors and Exporters foreign exchange window in the past three weeks on the FMDQ platform revealed that the sum of $600 million has for been sold by both the CBN and autonomous sources.

A survey of the parallel market yesterday revealed that the parallel market exchange rate which closed last week at N385 per dollar closed at the same level yesterday.

The stability was attributed to the expected CBN dollar sale of $20,000 each of the over 3000 bureaux de change (BDCs) today. The naira also maintained its stability at the Investors and Exporters (I&E) foreign exchange window, with exchange rate of N383 per dollar.