Naira depreciates to N362.30 despite CBN’s $210m forex intervention

The Naira on Tuesday depreciated to N362.30 per dollar in the Investors and Exporters’ (I&E) window, even as the Central Bank of Nigeria (CBN) injected $210 million into the inter-bank Foreign Exchange (forex) Market.

The intervention was to meet customers’ requests in various segments of the market.

The apex bank offered 100 million dollars to authorised dealers in the wholesale segment of the market.
The sum of 55 million dollars was allocated to the Small and Medium Enterprises segment, while customers who require foreign exchange for tuition fees, medical payments and Basic Travel Allowance were allocated 55 million dollars.

Data obtained by Ripples Nigeria from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window rose to N362.30 per dollar yesterday, from N362.09 per dollar on Monday, indicating 21 kobo depreciation in the value of the currency.

The depreciation was in spite of the 108 percent increase in the transaction volume in the window.
The volume of dollars traded in the window on Tuesday rose marginally to $288.21 million from $138.53 million recorded on Monday.

According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the value of the Naira also dropped by 30 Kobo to N358.30 to a dollar in the Bureau De Change segment of the market, while the currency closed flat at N306 per dollar at the CBN official window.