Naira Hits N365/$ Despite $210m Buffer from CBN

November 28, 2018
naira depreciate

By Dipo Olowookere

The local currency depreciated against the United States Dollar on Tuesday as political parties’ campaign spendings across the nation continue to take its toll on the Naira.

This was as the Central Bank of Nigeria (CBN) further intervened in the foreign exchange (forex) market yesterday with the offer of $210 million to currency traders at the market.

A breakdown of the injection indicated that the sum of $100 million was allocated to forex dealers in the wholesale segment of the market, while $55 million each were given to those in the small and medium scale enterprises (SMEs) and invisibles segments.

According to the Director of Corporate Communications Department at the CBN, Mr Isaac Okorafor, the apex bank will continue support the forex market so as to guarantee stability of the Naira.

Business Post reports that the Naira, which opened on Tuesday at N364 to a Dollar at the parallel market, closed at the end of the day at N365 per Dollar.

Some forex traders who spoke with us said the US Dollar is gradually getting scarce at the market as a result of campaigns and forthcoming Yuletide season.

However, the local currency remained stabled against both the Pound Sterling and Euro, exchanging at N468/£ and N412/€ respectively.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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