The Central
Bank of Nigeria (CBN) yesterday injected $205 million into the foreign exchange
market even as the naira depreciated to N379 per dollar in the parallel market.
Acting
Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor
confirmed the dollar injection in a statement yesterday. According to the
statement, “The CBN again injected over $205 million in to the foreign exchange
market.
“A breakdown of what market watchers termed as another massive
intervention indicated that the sum of $100 million was released for the
wholesale segment of the market for both spots and forwards.
“Also, Basic
Travel Allowance (BTA) which comes under invisibles segment garnered $50
million while the Small and Medium Scale Enterprises (SME) segment got $55
million. Okoroafor also disclosed that the Investors and Exporters segment of
the market had so far recorded a trade volume in the sum of $1.1 billion from
both the CBN and autonomous windows which according to him, was an indication
of the appreciable level of confidence in the foreign exchange management by
foreign investors and autonomous suppliers of foreign exchange to the market.”
Meanwhile the naira depreciated by N4 against the dollar in the parallel market
yesterday. Vanguard survey revealed that
the parallel market exchange rate rose to N379 per dollar at the close of
business yesterday from N375 per dollar on Friday.
President Association of
Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe confirmed
this development to Vanguard. He said the depreciation was caused by sudden
increase in demand for dollar between Saturday and yesterday. He however
expressed optimism that the naira will appreciate today as the CBN is expected
to sell $20,000 to each of the 3145 bureaux de change (BDC) today.
vanguardngr*
0 Comments