Naira Depreciates As CBN Injects $250 Million
The Central Bank of Nigeria, CBN, is playing hide and seek game with the dollar.
The dollar remains subdued when CBN defends the Naira with some more dollars but the dollars rear its head whenever CBN decides not to defend the Naira.
The game has been on since about March this year.
But sometimes, despite the apex bank’s intervention, the Naira remains subdued.
That was the case on Monday, when the Naira depreciated against the dollar in the black market.
This was despite the CBN injecting $250 million into the interbank foreign exchange market.
The Naira depreciated against the dollar by 2 Naira in the black market as the exchange rate for the market rose to 367 Naira per dollar at the close of business on Monday from 365 Naira per dollar when the market closed on Friday, last week.
Details of CBN intervention indicated that the wholesale sector was offered the sum of $100 million, just as the Small and Medium Enterprises (SMEs) window received a boost of $80 million.
Those requiring foreign exchange to address needs such as Business/Personal Travel Allowances, school tuition and medicals among others were allotted $70 million.
The Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor, who disclosed this, said interventions had ensured stability in the market, even as he stress the CBN's commitment to maintaining transparency in the market.
According to him, the CBN had taken measures to check the activities of speculators and shield the currency from attacks, while also maintaining the international value of the Naira