CBN injects $153.5m as Naira depreciates to N366/$

The Central Bank of Nigeria (CBN) Monday injected $153.5 million into the interbank foreign exchange market. CBN’s Acting Director of Corporate Communications, Mr. Isaac Okorafor disclosed this in a statement. He said: “The CBN offered the sum of $100 million to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated a total of $28 million. The invisibles segment was allocated the sum of $25.5 million to meet the needs of those requiring forex for Business/Personal Travel Allowances, school tuition, medicals, etc.

He also disclosed that: “The bank also Monday released the figures for the auction sales in the retail window last week, totalling $260million.” However, the Naira yesterday depreciated to N366 per dollar at the parallel market. Vanguard survey revealed that the parallel market exchange rate which closed N363 per dollar on Friday rose to N366 per dollar at the close of business yesterday.

Market operators attributed the N3 depreciation to drop in dollar supply. They expressed optimism that the depreciation will be reversed today due to expected dollar sale to bureaux de change (BDCs) by the Central Bank of Nigeria (CBN). The apex bank sells $20,000 to each of the 3,145 BDCs across the country twice in a week.


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