The Central Bank of Nigeria (CBN) yesterday injected $457.3 million into
various segments of the foreign exchange market, even as the naira
remained stable at N385 per dollar in the parallel market.
Meanwhile the CBN also disclosed that the Investors and Exporters
(I&E) foreign exchange window has so far attracted $600 million from
autonomous sources and from the apex bank. Acting Director, Corporate
Communications at the Central Bank of Nigeria, Isaac Okorafor, disclosed
these developments saying a breakdown of the $457.3 million offered
yesterday indicates that both the spot and forwards segments received a
total of $267.3 million while the wholesale segment got $100 million.
H said that the SME and invisibles segments comprising of basic travel
allowance, tuition fee and medical got and $50 million and $40 million
respectively.
He added that the volume of trading on the Investors and Exporters
foreign exchange window in the past three weeks on the FMDQ platform
revealed that the sum of $600 million has for been sold by both the CBN
and autonomous sources.
A survey of the parallel market yesterday revealed that the parallel
market exchange rate which closed last week at N385 per dollar closed at
the same level yesterday.
The stability was attributed to the expected CBN dollar sale of $20,000
each of the over 3000 bureaux de change (BDCs) today. The naira also
maintained its stability at the Investors and Exporters (I&E)
foreign exchange window, with exchange rate of N383 per dollar.
