Naira Maintains Gain As CBN 3.5m Into Forex Market

The naira/dollar exchange rates maintained stability as the Central Bank of Nigeria (CBN) boosted the foreign exchange with a total of $503.5 million interventions last week.

As part of its continued efforts to sustain liquidity in the foreign exchange market, the CBN on Friday injected $308.5 million into the market. This move is expected to further ensure liquidity and stability in the foreign exchange market.

Consequently, the local currency traded stable at the inter-bank official market and the Nigerian Foreign Exchange Fixing (NiFEX) closing at the rate of*N305.75k/$ and N329.00k per dollar respectively.

At the investors and exporters however, naira weakened by N0.40k to close at N360.40k per dollar compared to N360.00k per dollar quoted*on Wednesday, data from FMDQ show.

The CBN opened the just ended week with a boost of $195 million ahead of MPC decisions. A total sum of $195 million was offered in three segments of the market. In the wholesale Secondary Market Intervention Sales (SMIS), of the inter-bank Foreign Exchange market, it auctioned $100 million and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45 million respectively. This brings the total intervention for the week to a sum of $503.5 million.

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