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Naira remains stable this week in parallel market

naira-dollar

The Naira on Thursday remained stable at N364 per dollar in the parallel market. There was no significant increase or decrease in the figure all week days. The stability was attributed to weak demand for dollar and increased supply due to dollar sale to bureaux de change by the Central Bank of Nigeria (CBN).

CBN had on Monday injected a total sum of $195m into the inter-bank forex market to meet the requests of customers in the various segments of the market. A breakdown of the intervention revealed that the Bank offered the sum of $100 million to authorized dealers interbank wholesale window, while it allocated the sum of $50 million to the Small and Medium Enterprises (SMEs) window. The invisibles segment was allocated the sum of $45 million to meet the needs of those who applied for Forex to settle Business/Personal Travel Allowances, school tuition, and medicals, etc.

Acting Director in charge of Corporate Communications, Isaac Okorafor, said the Bank would continue to ensure adherence to its forex policy by insisting on transparency of all stakeholders to guarantee stability in the market. CBN made two major interventions in the inter-bank Forex market, last week, totalling $831.5 million, just as figures released by the apex bank indicated that it had boosted transactions at the Investors’ & Exporters’ (I&E) segment of the market to the tune of $2.2bn. Also last week, the CBN, in a bid to tackle inflation, unveiled plans to mop up a total of N200.322 billion from the Nigerian banking system through a special Open Market Operation (OMO) at the rate of 16 per cent per annum.

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