The
greenback has improved against the U.S dollar at the parallel market as
the Central Bank of Nigeria pumped more foreign exchange into the local
market.
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.
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. 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.
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