CBN injects $210m as naira depreciates to N360.5/$

 CBN injects $210m as naira depreciates to N360.5/$

 The Central Bank of Nigeria (CBN) Tuesday injected $210 million into the interbank foreign exchange market.  

 Announcing the injection in a statement, Acting Director Corporate Communications Department, CBN, Mr. Isaac Okoroafor, said: “The sum of $100million was offered to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got an allocation of $55 million. The invisibles segment (i.e. tuition fees, medical payments and Basic Travel Allowance (BTA), among others) was also allocated $55 million.” 

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The naira however depreciated to N360.5 per dollar in the Investors and Exporters (I&E) window in spite of 79 percent increase in dollars traded in the window yesterday. 

Data from the Financial Market Dealers Quote (FMDQ) showed that indicative exchange rate for the  I & E window rose by 18 kobo yesterday to N360.5 per dollar from N360.32 per dollar on Monday.   

The volume of transactions, however rose by 79 percent to $203.89 million from $114.07 million on Monday, indicating sustained investors confidence in the window. The naira however appreciated by five kobo to N306.5 per dollar at the official market, while it remained stable at N363 per dollar in the parallel market.