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CBN new injection boosts naira

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With the latest effort of the Central Bank of Nigeria as it bomp fresh $297 million into the interbank foreign exchange market, the country’s currency, naira, has added weight.

Parallel market rate, as reported by Vanguard, dropped yesterday to N365 per dollar from N366 obtained the previous day, Wednesday, translating to N1 gain for naira.

In summary, naira has appreciated by N5 in the parallel market this week.

The naira however fell by 67 kobo in the Investors and Exporters (I&E) window as the indicative exchange rate rose to N359.67 per dollar, yesterday, from N359 per dollar on Wednesday.

The volume of dollars traded also dropped marginally to $81.82 million from $83.76 million on Wednesday.

Meanwhile the CBN injected $297 million into the Retail Secondary Market Intervention Sales (SMIS) segment of the foreign exchange market, raising the total intervention for the week to the sum of $547m.