CBN injects $210m as naira appreciates to N360.45/$


The Naira yesterday started the week with a 12 kobo appreciation to N360.45 per dollar, in the Investors and Exporters (I&E) window, even as the Central Bank of Nigeria (CBN) injected $210 million into the foreign exchange market.

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 got the sum of $55 million.

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.”

Meanwhile, data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E dropped toN360.45 per dollar yesterday, from N360.57 per dollar last week Friday, translating to a 12 kobo appreciation of naira.

The appreciation was occasioned by a 71 percent increase in the volume of dollars traded in window yesterday which stood at $168.51 million up from $98.6 million traded Friday, last week.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of and also sits on the board of Students In Business Awards, (SIBA).


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