Naira Appreciates To N359 Against Dollar

The Naira on Thursday liked to N359.56 in the Investor and Exporter (I&E) Foreign Exchange, forex.

The indicative alternate fee for the I & E Forex Window, recognized as Nigerian Autonomous Foreign Exchange, NAFEX, liked to N359.56 per dollar.

It jumped from Wednesday’s market charge which stood at N360.70 per dollar.

This shows an appreciation of N1.14 kobo in the fee of the neighborhood currency.

Meanwhile, the extent of dollars traded in the window, yesterday, used to be $191.07 million from $299.80 million exchanged on Wednesday.

This indicates a 2.9 per cent minimize in the quantity of greenbacks traded in the market.

Meanwhile, the Central Bank of Nigeria, CBN, has persevered its sustenance of overseas alternate liquidity through injecting another $195m into the inter-bank foreign exchange market, even as the Naira maintains its strength.

Figures released by using the bank confirmed that it offered the sum of $100m to the wholesale segment, whilst the Small and Medium Enterprises section acquired the sum of $50m.

The invisibles segment comprising tuition, medical repayments and basic journey allowance acquired $45m.

The bank’s Acting Director, Corporate Communications, Isaac Okorafor, said the intervention was in line with the CBN’s continual willpower to make sure forex liquidity and fulfill respectable demands.

Okorafor said the bank would proceed to intervene in the nation’s foreign exchange market in order to sustain the liquidity in the market and warranty the international fee of the Naira.