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CBN Injects U.S.$210 Million As Naira Depreciates to N360.37/$ – Vanguard

HomeNewsCBN Injects U.S.$210 Million As Naira Depreciates to N360.37/$ – Vanguard
  • CBN
29
Nov
CBN Injects U.S.$210 Million As Naira Depreciates to N360.37/$ – Vanguard
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However, the naira depreciated by 5 kobo in the Investors and Exporters (I&E) window, while the amount of dollars traded dropped by 13 percent.

In a statement announcing the intervention, Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor said: “$100 million 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.”

Data from the Financial Market Dealers Quote (FMDQ) revealed that the indicative exchange rate for the I&E window rose to N360.37 per dollar yesterday from N360.32 per dollar on Monday, indicating 5 kobo depreciation for the naira. Thus the naira had depreciated by 12 kobo in the window this week.

FMDQ also revealed that the volume of dollars traded dropped by 13 per cent to $198.71 million yesterday from $227.73 million.

The naira however remained stable at N364 per dollar in the parallel market.


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