Naira Falls at I&E Segment as CBN Injects $210m into Forex Market
By Dipo Olowookere
The local currency on Monday started the week on a negative note at the Investors and Exporters (I&E) forex window.
At the close of business yesterday, the Naira marginally fell by 0.04 percent, finishing at N360.47 per Dollar against N360.32 per Dollar it traded in the previous session.
This depreciation occurred as the Central Bank of Nigeria (CBN) injected another $210 million into the interbank segment of the foreign exchange market.
According to a statement issued by the apex bank yesterday, the sum of $100 million was allotted to the wholesale market, while $55 million was given to the small businesses and individuals, and $55 million sent to the invisibles sector to cater for school fees, medical bills, travels and others.
The central bank explained that the injection was to support the local currency and make Dollar available to genuine customers.
At the CBN Spot on Monday, the Naira slumped to N305.75 to the Dollar from N305.80 per Dollar last Friday.
However, at the SMIS forex window, the local currency remained unchanged at N330 against the Dollar.
At the parallel market, the Naira traded flat against the Dollar and Pound Sterling at N362 and N502 respectively.
But the local currency depreciated against the Euro at the black market, trading at N444 compared with N442 it went for in the last trading session.