The Central Bank of Nigeria (CBN) Monday injected $210 million into the foreign exchange market as the naira depreciated by 57 kobo to close at N360.67 per dollar in the Investors’ and Exporters’ (I&E) window.
Acting Director, Corporate Communications Department, Mr. Isaac Okorafor said: “The CBN 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.”
The figures indicated that customers needing 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.
Meanwhile, data from the Financial Market Dealers Quote (FMDQ) showed that indicative exchange rate for the window rose to N360.67 per dollar, from N360.1 per dollar recorded last week Friday, representing a 57 kobo loss in the value of naira.
The depreciation was prompted by 30 per cent decrease in the volume of dollars traded in the window, which fell to $273.94 million from 392.15 million traded last week Friday.
The I&E window recorded a turnover of $1.42 billion last week; while the naira depreciated to N365 per dollar yesterday, in the parallel market.