Naira Depreciates to 365/Dollar, CBN Sells $210m

The Central Bank of Nigeria has boosted the Inter-Bank Foreign Exchange market with the sum of $210m, to meet customers’ requests in various segments of the market. This came after the Naira weakened marginally to 365/dollar at the parallel market on Monday, from 364/dollar on Friday.

The local currency had traded at 364/dollar in the past one week. CBN data showed that the regulator sold the sum of $210m on Monday. The CBN offered $100m to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment got the sum of $55m, according to figures obtained from the Bank on Monday.

The figures also indicated that customers needing Foreign Exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance, among others, were also allocated the sum of $55m.

The Bank’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, reiterated the Bank’s determination to continue to intervene in the Interbank Foreign Exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

According to him, the CBN will continue to manage the Forex with a view to reducing the country’s import bills and minimize depletion of foreign reserves. The CBN intervened in the Retail Secondary Market Intervention Sales to the tune of $210m, to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.

Author avatar