Naira ends trading week high as CBN injects fresh $321m

…Suffers marginal loss at NAFEX
The Nigerian currency, Naira, ended the just concluded trading week on a high note against the United State Dollar, closing at N305.95, better than N306.50 traded on Thursday, N306.00 exchanged on Wednesday, Tuesday and Monday.

The Central Bank of Nigeria (CBN) has again intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $321.4 million.

The naira, at the close of trading activities over the weekend stood steadied at N361 to the dollar in the Bureau De Change (BDC) segment of the foreign exchange market, as well at the parallel market against the major foreign currencies.

Over the weekend, the local currency at the unofficial was seen at a stabled rate of N362 per dollar, depreciated to N502 to the Pound against N500 sold during the week , but remained unchanged at N442 to the Euro.

At the Investors and Exporters (I&E) FX window, trading opened at a weaker rate of N360.13 to the dollar, representing 0.02 per cent, considering N360.06 recorded on Thursday.

However, traded high at N361.50, which was lower than N361.30 recorded the previous day, before closing at a depreciated rate of N360.70 compared to N360.66 settled on Thursday.

Projecting likely trading for against the dollar, foreign exchange traders believed that the local currency will remain stable across the official forex markets and its segments.

They are of the opinion that as long as the foreign exchange market continues to receive intervention from the apex bank, the Naira will remain stable.

Meanwhile, the apex bank on the last trading of the week under review, injected fresh $321.4 million into the forex market.

Figures obtained from the Bank during the wekened, indicate that the amount released was for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Acting Director, Corporate Communications at the CBN, Isaac Okorafor confirmed the figures and noted that the continued intervention were in line with the assurances made by the Governor, Godwin Emefiele, to sustain market liquidity in order to boost production and trade and maintain stability in the forex market.

Speaking further, Okorafor assured that the CBN remained very committed to ensuring that all the sectors continue to enjoy access to the foreign exchange required for the business concerns.

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