The value of the local currency has improved tremendously after the apex bank of Nigeria pumped in more dollars.
The naira yesterday appreciated to N360.55 per dollar in the Investors and Exporters (I&E) window even as the Central Bank of Nigeria (CBN) injected N210 million into the inter-bank foreign exchange market.
Figures obtained from the CBN yesterday showed that authorized dealers in the wholesale segment of the market received $100 million, while the Small and Medium Enterprises (SMEs) segment and customers requiring foreign exchange for invisibles were allocated $55 million each.
A statement by the apex bank’s spokesman, Mr. Isaac Okorafor reiterated the CBN’s commitment to continue to boost interbank foreign exchange market to ensure liquidity and stability in the market.
Data from FMDQ showed that the indicative exchange rate for the I&E window dropped to N360.55 per dollar from N360.68 per dollar on Monday, translating to 13 kobo appreciation for the naira.
The volume of dollars (turnover) traded yesterday dropped by 50 percent to $132.88 million from $88.79million sold on Monday. The naira, however, was stable at N358.7 in the parallel market.