Business Naira Appreciates to N364/US$1 As CBN Injects $250m Into FX Market


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‎Nigerian Naira on Tuesday appreciated marginally against the dollar at the parallel market.

This is coming as the Central Bank of Nigeria (CBN) injected another $250m into various segments of the inter-bank foreign exchange market o Tuesday.

The currency gained N1 to exchange at N364 to the dollar, stronger than N365 posted on Friday, while the Pound Sterling and the Euro closed at N470 and N430.

Trading at the Bureau De change (BDC) window saw the Naira closing at N362 to the dollar, while the Pound Sterling and the Euro traded at N470 and N430.

At the investors’ window, the Naira was sold at N360.39 to the dollar, while it exchanged at N305.8 to the dollar at the interbank market.

Traders said that activities at the market was yet to resume fully as most traders were yet to come come back from the Sallah break.

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Figures obtained from the CBN on Tuesday indicate that the Retail Secondary Market Intervention Sales (SMIS) segment of the market received the highest intervention with a total of $100 million, Small and Medium Enterprises (SMEs) window received a boost of $80 million while the invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, etc. was allocated the sum of $70 million to meet the demands of customers.

The Bank’s spokesman, Isaac Okorafor, noted with delight the recent Quarter 2, 2017 Report by the National Bureau of Statistics (NBS) which indicated that Nigeria has gotten out of recession and hinged part of this success to the regular intervention of the Bank in the forex market, to boost liquidity in the market, ensuring timely execution and settlement for eligible transactions and also make forex available to the real sector and industrial capacities, critical to the Nigerian economy.
 
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