CBN injects $210m as naira depreciates to N360.65/$

The naira Monday deteriorated to N360.65 per dollar in the Investors and Exporters (I&E) window even as the Central Bank of Nigeria (CBN) infused $210 million into the outside trade advertise.

Acting Director, Corporate Communications Department (CCD), CBN, Mr. Isaac Okorafor confirmed the injection saying: “The CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.
Customers requiring 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.

” Meanwhile data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window rose to N360.65 per dollar yesterday from N360.41 per dollar last week Friday, indicating 24 kobo depreciation for the naira.

The depreciation was occasioned by a 49 percent decline in the volume of dollars traded which fell to $167.16 million from $327.14 million last week Friday.