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CBN Pumps $210m Into Forex Market, Naira Apprciates

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CBN Pumps $210m Into Forex Market, Naira Apprciates

The Naira has appreciated has the Central Bank of Nigeria pumped a whooping sum of $210m into the Foreign Exchange Market.

The Naira on Tuesday appreciated for the first time this week by 54 kobo to N360 per dollar in the Investors and Exporters (I&E) window, even as the Central Bank of Nigeria (CBN) injected $210 million into the foreign exchange market.

Confirming the figures, Acting Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, said that the Wholesale sector of the market got another injection of $100 million, just as the Small and Medium Enterprises (SMEs) and invisibles sectors each received $55 million.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the   I&E window dropped to N360 per dollar yesterday, from N360.54 per dollar on Monday, indicating 54 kobo appreciation in the naira.

The depreciation was in spite of 0.6 percent increase in the I&E window turnover yesterday. The transactions in the window stood at $218.25 million, up from $217.16 million recorded on Monday.

Meanwhile, naira remained stable at N363 per dollar yesterday for the ninth consecutive business day in the parallel market.

Last week, the Central Bank of Nigeria (CBN), in its relentless move to guarantee liquidity in the foreign exchange market, intervened in the Retail Secondary Market Intervention Sales (SMIS) segment of the market to the tune of $396.18million.

Meanwhile, the World Bank has in a recent data it provided said that over 118 million Nigerian adults do not have bank accounts.

Bukunmi Oyelude

I'm what they call "The Quadruple" - I'm a minimalist, a conspiracy theorist, a budding writer, and an info nerd. I operate under the auspices of me. Nerd not noob.

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