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CBN injects $210m into Forex Market as Naira sells for N305/$1

The Central Bank of Nigeria (CBN) on Monday injected $210 million into various segments of the inter-bank market as the value of naira dipped to N305.70 to the dollar at the official window.

The naira which closed last week Friday at N305.65 to the dollar at CBN window before dropping to N305.70 also weakened slightly at Investors and Exporters window from N360.35 last week to N360.37 to dollar on Monday.

 The currency however remained stable at N364 at the parallel market. At Monday’s trading, the CBN offered the sum of $100 million as wholesale interventions and allocated the sum of $55 million to the Small and Medium Enterprises (SMEs) forex window.

Customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others, equally got an allocation of $55 million.

 The acting director, Corporate Communications Department, at the Bank, Isaac Okorafor, confirming the sales, reiterated that the apex bank would sustain its interventions in the foreign exchange market. He expressed optimism that the value of the naira will continue to spike in the face of accretion to the foreign reserves and the attendant reduction in the country’s import bill.

While also attributing the stability in the market to the Bank’s transparency and cooperation of authorized dealers, he urged all dealers to continue to play by the rule, as the CBN would not hesitate to sanction any erring bank or dealer. Meanwhile, the naira continued to maintain its stable run against major currencies around the globe, exchanging for N362/$1 in the BDC segment of the market on Monday, January 29, 2018.

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