Naira gains at NAFEX as CBN lifted forex market with $210m

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The Naira, at the close of trading activities on Monday gained at the Nigerian Autonomous Foreign Exchange (NAFEX) window, the Central Bank of Nigeria (CBN) lifted the foreign exchange market with $210 million, to meet customers’ requests in various segments of the forex market.

The Nigerian currency, at the NAFEX window recorded a marginal gain of 0.02 per cent to close at N360.28 to the dollar against N360.36 traded on Friday, even though it opened at N360.05 before trading high at N361.50 but eventually close at appreciable rate.

Although, the special FX window, recorded total turnover of $164.83 million lower than $181.01million declared on Friday.

The Naira, at the official forex spot market, closed at N306.00 per US Dollar against N305.95 exchanged at the close trading activities for last and N305.85 traded last Monday.

At the parallel market, the naira remained flat against the dollar at N363, but dropped to N502 to the Pound compared to N500 sold over the weekend, as well settled at N445 against N442 to the Euro.

Meanwhile, the apex bank in its quest to meet customers’ needs in the various segments of the market, 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, 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.

The Bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, reiterated the Bank’s commitment to continuous to intervention in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

Okorafor said that the CBN would continue to strategically manage the forex with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

It will be recalled that last Monday, February 12, 2018, the CBN had intervened to the tune of $210 million to cater for requests in the various segments of the forex market.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Monday, February 19, 2018.

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