Naira Appreciates Against Dollar As CBN Injects $210m

Nigerian currency, Naira, Monday appreciated by 8 kobo to N360.28 per dollar in the Investors’ and Exporters’ (I&E) window.

This is even as the Central Bank of Nigeria (CBN) has injected $210 million into the foreign exchange market.

Acting Director, Corporate Communications Department (CCD), CBN, Mr. Isaac Okorafor confirmed the injection to newsmen.

He said, “The CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million.”

According to figures obtained from the Bank on Monday, February 19 2018, customers in need of 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.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window known as Nigerian Autonomous Foreign Exchange, NAFEX, dropped to N360.28 per dollar, yesterday, from N360.36 per dollar recorded last week Friday, indicating an 8 kobo appreciation of the naira.