Naira Trades Mixed at Black Market as Forex Market Gets $210m

March 20, 2018

By Dipo Olowookere

The local currency appreciated against the Dollar on Monday at the black market, selling at N362 against N363 it traded last Friday.

This occurred as the Central Bank of Nigeria (CBN) sustained liquidity in the foreign exchange market with the release of $210 million to the interbank market.

A breakdown of the intervention showed that the sum of $100 million was allocated to authorised dealers in the wholesale segment of the market.

Furthermore, the Small and Medium Enterprises (SMEs) segment received $55 million, while another $55 million was earmarked for the invisibles segment to cater for customers requiring forex for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

According to the CBN spokesman, Mr Isaac Okorafor, the apex bank will continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability.

Mr Okorafor expressed delight that steps taken so far by the CBN in the management of forex were paying off as reflected by reduction in the country’s import bills and accretion to its foreign reserves.

Business Post reports that at the close of transactions on Monday, the Naira traded flat against both the Euro and the Pound Sterling.

While the local currency was sold at N444 to the Euro, it was exchanged at N502 to the British Pound Sterling.

As at the time of filing this report this morning, the Naira was trading flat against the three major foreign currencies at the parallel market.

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]

Leave a Reply

consumer goods stocks
Previous Story

Sell-offs in Consumer Goods Stocks Dip NSE Index by 0.25%

NSE Helps Youth Develop Sustainable Spending Habits
Next Story

NSE Helps Youth Develop Sustainable Spending Habits

Latest from Economy

Don't Miss