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Naira stables as BDCs get additional $15,000 weekly intervention

The Nigerian currency, Naira at the close of yesterday trading activities remain stabled across the foreign exchange segments, even as the Central Bank of Nigeria (CBN) increased its intervention to the Bureau De Exchange (BDC) by additional $15,000, starting from Thursday. The Naira, at Investors and Exporters (I&E) FX widow open trading at N364.23 to the dollar against N364.04 sold on Wednesday, but closed the trading day at a lower rate of N365.16, compared to N364.65 traded the previous day. The special FX window, however, recorded a better transactions turnover of $223.63 million, as against $208. 15 million traded the preceding day. At the Interbank market, the Naira was seen at an unchanged rate of N306.85 per Dollar and N359.81 to the Dollar at SMIS. At the parallel segment of the forex market, the local currency closed flat at N468 and N415 against Pound Sterling and Euro respectively. Just recently, the CBN, in a statement had said it would introduce a special foreign exchange intervention to meet demand from individuals with dollar expenses by increasing its auction days to the BDCs four from three starting on December 6. “With the approach of the yuletide season and the resultant increase in the demand for personal/business travel allowance, the CBN has in addition to the existing market days(Monday, Wednesday and Friday) introduced a special intervention every Thursday for $15,000 per BDCs”. the apex stated. Motolani Oseni

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