Naira retains gains as CBN injects $210m into FX market

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Money Market

Wednesday, July 18,2018

Central Bank of Nigeria (CBN), on Tuesday, injected $210 million into the inter-bank foreign exchange (forex) market, which helped to boost liquidity and lift the value of the naira.
The apex bank offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million, and $55 million was also allocated for invisibles such as tuition fees, medical payments and Basic Travel allowance (BTA).
The nation’s currency on Tuesday appreciated marginally across segments of foreign exchange market. Naira gained 0.04 percent to close at N361.70k per dollar on Tuesday, as against N361.85k traded the previous day at the investors and exporters forex window, according to data obtained from the FMDQ.
The local currency strengthened by N1.00k at the Bureau De Change (BDC) segment of the market as it closed at N360 per dollar compared with N361/$ traded since last week Wednesday.
At the CBN official window, naira remained stable at N305.80k per dollar, while it firmed 0.01 percent to close at N361.54k per dollar on Tuesday from N361.56k/$ traded on Monday at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX).
Isaac Okorafor, CBN’s acting director of corporate communications department, confirmed the figures and restated the apex bank’s resolve to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.
Okorafor, in a statement, maintained that the continued forex intervention was to ensure that the bank met genuine customers’ requests in various segments of the market.
It would be recalled that last Tuesday, July 10, the CBN intervened to the tune of $210 million, to cater for requests in the wholesale segment of the market.
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