Naira Gains as CBN Injects $210m into FX Market

• Naira Gains as CBN Injects $210m into FX Market

The naira appreciated to N359.5 to a dollar on the parallel market yesterday, compared with the N360 to a dollar it closed on Tuesday.

Also, on the Investors’ and Exporters’ (I&E) window, the nation’s currency strengthened to N361.06 to the dollar, as against the N361.18 to the dollar it closed the previous day.

On the Bureau De Change (BDC) segment, the naira closed at N360 to a dollar yesterday.

This is just as the Central Bank of Nigeria (CBN), once more, made available the sum of $210 million, to meet customers’ requests in various segments of the foreign exchange market.

In its desire to meet customers’ needs in the various segments of the market, the CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium scale enterprises (SMEs) segment got boosted with the sum of $55 million.

According to figures made available by the bank yesterday, customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The CBN had last Thursday intervened to the tune of $343.06 million to cater for requests in the retail segment of the forex market.