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Naira puts up strong showing against dollar – Daily Post

HomeNewsNaira puts up strong showing against dollar – Daily Post
01
Jun
Naira puts up strong showing against dollar – Daily Post
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    Alex Ikechukwu
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The ​N​aira, Wednesday, remained stable  ​at N375 per dollar in the parallel market.

​The local currency has maintained the figure in the last one week.

Th​is strong showing is bolstered by the ​latest ​sale of dollars to bureaux de change (BDCs) by the Central Bank of Nigeria (CBN)​.​

CBN​ had on Tuesday intervened in the inter-bank market to the tune of $482.6 million in the first trading day after the Democracy Day celebrations.

A statement issued by its Acting Director, Corporate Communications, Isaac Okorafor, in Abuja said this was part of measures to underline its determination to guard the international value of the ​N​aira.

Okorafor said a breakdown of the intervention indicates that the retail Secondary Market Intervention Sales (SMIS) was allocated $285.7 million, while the $100 million was offered in the Wholesale SMIS auction window.

The Small and Medium Enterprises (SMEs) window got an allocation of $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance (PTA), medicals and tuition fees, among others was allocated $45 million.

Okorafor said the interventions were in line with the bank’s resolve, echoed by the governor, Godwin Emefiele at last Tuesday’s briefing of the Monetary Policy Committee (MPC) meeting.

While expressing pleasure that the intervention of the bank had ensured stability across all segments of the Foreign Exchange market, ​the official expressed optimism that the bank’s objective of exchange rate convergence would be achieved soon.


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