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Dollar sells for N367.88, as CBN pumps $195m into market

The Central Bank of Nigeria has pumped the sum of $195 million into the interbank market but this has not deterred the naira from depreciating marginally, as it closed at N367.88 per dollar yesterday.

Dollar was sold at N367.88 in the Investor and Exporters window, which signals higher rate even at the parallel market. On the contrary, dollar remained stable at N365.

CBN Acting Director on Corporate Communications, Mr. Isaac Okorafor also confirmed the huge injection in a statement yesterday.

The apex bank offered $100 million in wholesale auction at the inter-bank foreign exchange market and intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with $50 million and $45 million, respectively.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window dropped from N367.60 per dollar last Friday to N367.88 at the close of trading yesterday, translating to 28 kobo depreciation for the naira. Last week the naira depreciated by N1.23 at the window.

According to FMDQ, dollar traded in the window increased from $53.24 million that was obtained on Friday to $83.98 million, giving 58% increase.

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