Naira stables at interbank, other forex segments

…As external reserves hit$42.8m
The Nigerian currency, Naira, at the close of Thursday’s trading activities , stabled against the US Dollar and other major foreign currencies, at the official inter-bank market, as well at the unofficial market and other forex segments, checks by The Daily Times revealed.

For instance, the Naira, at the Investors and Exporters FX (I&E) window, closed at an appreciable rate of N360.12 to the dollar, compared to Wednesday’s depreciated figure of N360.37 and N360.22 recorded on Tuesday.

The window, had began trading at an improved rate of 360.00 to the dollar against 360.06 recorded on Wednesday, but traded high N361.50before closing at of N360.12.

The I&E FX segment, as of close yesterday’s trading activities, recorded a total transactions turnover of $169.16 million, the same sold the previous day, however, better than $151.55m declared on Tuesday.

The Daily Times further checks revealed that the Naira at the parallel segment of the forex market, remained stable at N363 per dollar for the fourth day running during the week.

Also, at the official Spot market, the Naira, settled at closing rate of N305.90 per dollar, the same figure it has been trading since the beginning of the week.

However, the BDC operators bought dollar at N360 and sold at N363, while Naira against pound was purchased at N483 and exchanged at N498, Euro at bought at N426 and settled at N441, respectively.

Meanwhile, the Central Bank of Nigeria (CBN) has said the nation’s external reserve has climbed to $42.8 million as at Tuesday, February 13, 2018.

The CBN Ag. Director, Corporate Communications, Mr. Isaac Okorafor, recently attributed the successes in rising foreign reserve to the decline in usage of forex to import rice.

This, he said, followed the huge local rice production capacity stemming from the success of the CBN anchor borrowers programme launched in 2015, which increased local rice production by at least 1 million metric tons (MT).

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