Naira appreciates at NAFEX as CBN injects $195/$

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By Babajide Komolafe
The naira yesterday appreciated to N362.21 per dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEX) window, even as the Central Bank of Nigeria (CBN), injected $195 million into the interbank foreign exchange market.


Data from the Financial Market Dealers Quote (FMDQ), showed that the indicative exchange rate for NAFEX window dropped from N362.83 per dollar last Friday to 362.21, indicating 62 kobo appreciation for the naira.

The naira was however stable at the parallel market as the parallel market exchange rate closed at N367 per dollar, same as the rate on Friday.

Meanwhile, CBN, sustained its intervention in the inter-bank Foreign Exchange Market by injecting $195million yesterday.

Figures released by the apex bank showed that it offered $100million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

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Confirming the figures obtained, the Acting Director, Corporate Communications Department, CBN,  Mr. Isaac Okorafor, said the CBN was pleased with the state of the forex market, adding that the bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

According to him, the Bank remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into 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. He therefore advised stakeholders to abide by the guidelines to ensure transparency in the market.

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It will be recalled that the CBN last week intervened in the various segments of the Forex market with the sum of $396.8 million.

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N364/$1 in the BDC segment of the market on Monday, July 17, 2017.



The post Naira appreciates at NAFEX as CBN injects $195/$ appeared first on Vanguard News.

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