The
Nigerian naira made a quick recovery against the dollar following the
decision of the CBN to inject more dollars into the Forex market.
Bundles of naira note
The Central Bank of Nigeria (CBN) on Tuesday sustained the supply
of foreign exchange to the market by releasing 195 million dollars.
The measure had a resonating effect on the Parallel market: the
naira gained some grounds against the US dollar, exchanging for N452 as
against N455 on Monday.
The CBN acting Director, Corporate Communications, Mr Isaac
Okorafor, who gave a breakdown of the release, said 150 million dollars
went to wholesale auction. He said that the remaining 45 million dollars
went for medicals, tuition, Personal and Business Travel Allowance.
Okorafor said that the Bank acted promptly and proactively in line
with its promise to keep the market liquid enough to meet the needs of
genuine requests.
He said that banks were becoming saturated with foreign exchange,
as most of them were now able to meet demands within the stipulated time
frame.
“As you can see, all the pent-up demand for invisibles have
been met to the extent that banks are urging customers to come and
obtain forex,” he said.
Okorafor reiterated the bank’s determination to continue to fund
the importation of raw materials, plants and machinery for
manufacturing, agriculture, and other eligible items.
He also assured that the apex bank remained resolute in ensuring
stability in the forex market by keeping an eye on the activities of
authorised dealers in order to ensure sharp practices were reduced to
the barest minimum.
CBN had in the past two weeks pumped over 1.4 billion dollars into
the foreign exchange market to stem liquidity challenges faced by
businesses and individuals. Last week, the regulator pumped 170 million
dollars into the foreign exchange market, as foreign reserves hit 30
billion dollars.
Meanwhile the Naira continues to firm up against the dollar at the
parallel market. The Naira today traded at N452 to a dollar as against
N455 on Monday.
Compared to Monday’s sales, the Naira has also appreciated against
the Pound Sterling, trading at N540, while it fell against the Euro
trading at N475 compared to the N470 it sold for on Monday.
At the Bureau De Change (BDC) window, the Naira continues to trade
for N399 to a dollar, while the Pound Sterling and Euro change for N580
and N525.
The Nigerian currency also traded at N306 at the interbank window.
-NAN
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