Naira depreciates as CBN injects $195m

 

The naira depreciated yesterday against the dollar in parallel market and the Nigeria Autonomous Foreign Exchange Market (NAFEX).     

Vanguard survey revealed that the naira depreciated to N369 per dollar in the parallel market at the close of business yesterday, up by N1 from N368 per dollar last week.

The naira also depreciated by N1.02 against the dollar in NAFEX (or Investors & Exporters) window, as the rate rose to N368.67 per dollar yesterday from N362.16 last week. The depreciations were attributed to low dollar supply resulting from the sallah holidays.

Meanwhile the CBN moved swiftly yesterday to boost dollar supply by selling $195 million into various segment of the interbank foreign exchange market. A breakdown of the intervention indicated that authorized dealers in the wholesale window segment received a $100 million offer from the Bank, while the Small and Medium Enterprises (SMEs) and invisibles windows were allocated $50 million and $45 million, respectively.