Naira Loses Against Dollar As CBN Injects $250m

The Nigerian Naira on Monday weakened against the United States Dollar on the parallel market as well as in the Investors and Exporters (I&E) window.

This is even as the Central Bank of Nigeria (CBN) injected $250 million into the interbank foreign exchange market.

It is understood that the local currency depreciated against the dollar by N2 in the parallel market as the exchange rate for the market rose to N367 per dollar at the close of business, on Monday, from N365 per dollar, last week.

In the I&E window, the naira depreciated by 90 kobo as the indicative exchange rate also known as Nigeria Autonomous Foreign Exchange (NAFEX) rose to N359.4 per dollar from N358.5 per dollar, last week.

The volume of dollars traded in window dropped 53 per cent to $110.25 million from $231.23 million.

Meanwhile, in an attempt to sustain its intervention in the foreign exchange market, Nigeria’s apex bank, CBN injected $250 million into the interbank market.

According to details of the intervention, the wholesale sector was offered the sum of $100 million, just as the Small and Medium Enterprises (SMEs) window received a boost of $80 million.

Those requiring foreign exchange to address needs such as Business/Personal Travel Allowances, school tuition, medicals, etc. were allotted the total sum of $70 million.

Speaking on the development, Isaac Okorafor, the Bank’s Acting Director in charge of Corporate Communications, reiterated that the interventions had ensured stability in the market, even as he stressed that the CBN remained committed to maintaining transparency in the market.

According to him, CBN had taken measures to check the activities of speculators and shield the currency from attacks, while also maintaining the international value of the Naira.

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