BUSINESS
Naira rebounded at official market, depreciates to 367.60/$ at NAFEX
The Nigerian currency, Naira, on Wednesday rebounded at the official foreign exchange market to close 305.35 against 315 traded on Tuesday, while depreciated to 367.60 against N363.57 per dollar traded at the Investors and Exporters FX window the previous day.
The new Naira’s appreciated rate at the official forex market against the US Dollar yesterday, represented a total gain of 3.06 per cent, compare to the closing rate of 315 per US Dollar recorded on Tuesday, which indicated a decline of 2.9 per cent, according to the data obtained from the Financial Market Dealers Quote (FMDQ) has revealed.
However, the Investors and Exporters FX window, otherwise known as Nigeria Autonomous Foreign Exchange Market (NAFEX) window, depreciated further at the close of trading on Wednesday, indicating a drop of 1.11 per cent against 0.37 per cent the previous day.
The local currency, at NAFEX, had traded at N362.21 per dollar on Monday but closed at N363.57 per dollar, indicated N1.63 depreciation for the naira in contrast to the 50 kobo appreciation recorded on Monday, before closing at a more depreciated value of 367.60 on Wednesday.
The naira, at the parallel market for the third day running in the week remained unchanged at 367 per dollar, 420 to the Euro but drop to 473 against the Pound Sterling compare to 470 sold on Tuesday.
The apex bank, on Monday had intervened in the official forex market with the supply of $195 million as part of efforts to stabilise the market, but to the surprise of forex dealers, the naira, depreciated but remained unchanged at the unofficial segment of the market.
The breakdown of the forex intervention, showed that Small and Medium Enterprises (SMEs) segment received $50 million, while tuition fees, medical payments and Basic Travel Allowance, BTA, among others, got $45 million.
The Acting Director, Corporate Communication Department, CBN, Mr. Issac Okorafor, said that the apex bank was pleased with the state of the market, and assured that the bank would continue to intervene in order to sustain liquidity in the market and guarantee international value of the naira.
He said the apex bank remained determined to achieve its objective of rates convergence, “hence the unrelenting injection of intervention funds into the foreign exchange market.”
Mr. Okorafor expressed optimism that the naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.
He, therefore, advised stakeholders to abide by the guidelines to ensure transparency in the market. Last week, the CBN intervened in the various segments of the foreign exchange market with the injection of $396.8 million.
The bank, however, sold $20,000 to each of the 3,145 bureaux de change (BDCs) across the country, complementing the $195 million injected by the apex bank into the interbank market on Monday.
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