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Foreign Exchange: Naira rises to N382 per dollar as CBN injects $246m

Foreign Exchange: Naira rises to N382 per dollar as CBN injects $246m

The positive trend of the Naira continued this week as the official currency of Nigeria rises to 382 Naira per US dollar in the parallel/black market. This improvement is coming as the Central Bank of Nigeria, (CBN) injected another $246.2 million into the countries foreign exchange market.

The apex bank of Nigeria, CBN has continued with its intervention in the foreign exchange market of the country,, as it yesterday offered $246.2 million to authorized dealers at the forex auction in the interbank wholesale window, Small and Medium Enterprises (SMEs) and invisibles segments.

A breakdown of the total offer shows that the total sum of $150 million was auctioned at the wholesale window, the SMEs got $52 million, and the invisibles got $44.2 million.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, while confirming this development said that the forwards sales would be concluded in the days to come.

Okoroafor added that the Central Bank of Nigeria, CBN will continue its weekly sale to dealers in the Bureau de Change (BDC) segment this week in order to guarantee onward sale to end users. He said.

“SME operators no longer have to patronize or source foreign through unofficial windows and no more pressure on either the BDCs or any other unofficial source with the opening of the special window,”

It can be recalled that the apex bank, also last week, created a Forex window for investors and exporters, which it named: “Investors’ & Exporters’ FX Window”. The CBN circular, which announced the creation of the new window, disclosed that the purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

President Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe commended the introduction of the new window saying it would boost forex supply in the country. He said it will also discourage speculation and other malpractice in the market.

Updated: April 25, 2017 — 12:13 pm

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