Naira Suffers Marginal Depreciation As CBN Sells $210 Million
The Naira weakened a little at the parallel market on Monday, January 22nd.
This is not entirely surprising because demand for dollar has increased following peak in business activities.
The naira weakened to 365 naira per dollar at the parallel market from 364 naira per dollar which it exchanged on Friday.
The local currency had consistently traded at 364 naira per dollar in the past one week.
Meanwhile, the Central Bank of Nigeria, CBN has boosted the inter-bank foreign exchange market with the sum of $210 million, to meet customers’ requests in various segments of the market.
CBN data showed that it offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment got the sum of $55 million.
The figures also indicated that customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance, among others, were also allocated the sum of $55 million.
The bank’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, reiterated the bank’s determination to continue to intervene in the interbank foreign exchange market, in line with its pledge to make sure there is enough dollars in the market and to keep the naira from suffering again.
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