Naira up to N360/$ as CBN injects $210m

The Naira yesterday appreciated for the first time this week by 54 kobo to N360 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.

Confirming the figures, Acting Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, said that the Wholesale sector of the market got another injection of $100 million, just as the Small and Medium Enterprises (SMEs) and invisibles sectors each received $55 million.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window dropped to N360 per dollar yesterday, from N360.54 per dollar on Monday, indicating 54 kobo appreciation in the naira.

The depreciation was in spite of 0.6 percent increase in the I&E window turnover yesterday. The transactions in the window stood at $ 218.25 million, up from $217.16 million recorded on Monday.

Meanwhile, naira remained stable at N363 per dollar yesterday for the ninth consecutive business day in the parallel market.

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