Naira Closes at 362/Dollar, CBN Sells $195m

Dollar Naira
  • Naira Closes at 362/Dollar, CBN Sells $195m

The naira recorded a marginal gain on Monday, closing at 362 per the United States dollar up from 363 on Sunday.

The local currency has been hovering between 363/dollar and 370/dollar as the Central Bank of Nigeria continues to supply foreign exchange into the market.

The CBN, in continuation of its drive to ensure liquidity and stability in the foreign exchange market, on Monday injected the total sum of $195m into various segments of the inter-bank foreign exchange market.

A breakdown of figures released by the CBN showed that the sum of $100m was offered to authorised dealers in the wholesale window, just as the Small and Medium Enterprises window was allocated the sum of $50m. The Business Travel Allowance/Personal Travel Allowance, tuition and medical bills, among other invisibles, received the sum of $45m.

The Acting Director, Corporate Communications at the CBN, Isaac Okorafor, who confirmed the figures, said the bank’s continued intervention was aimed at strengthening the international value of the naira, while ensuring accessibility to the greenback by customers who required it for genuine purposes.

It will be recalled that the CBN in the last round of forex intervention in the inter-bank market on June 28, 2017, injected a total sum of $195m to the wholesale, the SMEs and invisibles segments of the market.

Analysts expect the local currency to trade within this range this week.

The naira had traded between 364 and 367 last week.

The CBN sold $195m in various segments of the inter-bank market last Wednesday, the first day of transaction after the Eid-el-Fitr celebration.

A breakdown showed that authorised dealers in the wholesale window segment received a $100m offer from the bank, while the Small and Medium-scale Enterprises and invisibles windows were allocated the sums of $50m and $45m, respectively.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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