Naira drops marginally against dollar at investors’ window Press "Enter" to skip to content

Naira drops marginally against dollar at investors’ window

…transactions turnover of $142.64m The Naira on Thursday lost marginally against the dollar at the investors’ window, exchanging at N365.12 to the dollar, compared toN364.90 traded on Wednesday, as market turnover stood at 142.64 million dollars. Also, the local currency as at the close of yesterday trading activities, declined marginally at the parallel market in Lagos, to settle at N361 to the dollar, against N360.5 sold the previous day, while the Pound Sterling closed at N410. At the Bureau De Change (BDC) window the Naira closed at N360 to the dollar, while the Pound Sterling closed at N410. The naira exchanged at N306.90 at the official the Central Bank of Nigeria (CBN) window. It is however, worthy of note that the naira had remained stable at the market largely due to interventions by the CBN. For instance, earlier in the week the apex bank injected fresh $210 million into the forex market, as it continued to intervene in the inter-bank sector of the Foreign Exchange market. In the forex trading on Tuesday, the CBN injected the sum of $100 million in the wholesale segment of the market in addition to the sum of $55 million each in the Small and Medium Enterprises (SMEs) and Invisibles sectors. The Director, Corporate Communications Department, Isaac Okorafor, disclosed these on Tuesday and reiterated that the Bank was unrelenting in its resolve to sustain liquidity in the forex market as well as maintain stability there. Okorafor stressed that the CBN’s continued intervention was aimed at ensuring that the Bank meets the requests of genuine customers in the various windows of the market. On the Bank’s restriction of access to forex for some 42 items, he said the policy would continue, particularly as it was greatly boosting local production of items on the list. He disclosed that the Economic Intelligence Unit of the CBN was working closely with relevant government agencies to checkmate any attempt to flout the policy. Motolani Oseni

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