Naira watch: Naira rises to N382 as CBN injects $246m
Naira watch: Naira rises to N382 as CBN injects $246m
The naira Monday rose to $382 per dollar in the parallel market even as the Central Bank of Nigeria (CBN) injected another $246.2 million into the foreign exchange market.
Vanguard survey of the parallel market revealed that the parallel market exchange rate which closed on Friday at N385 per dollar, dropped to N382 per dollar due to expectation of dollar sales to Bureaux de change (BDCs) by the CBN.
Meanwhile, the apex bank continued with its intervention in the foreign exchange market yesterday by offering $246.2 million to authorized dealers at the forex auction in the interbank wholesale window, Small and Medium Enterprises (SMEs) and invisibles segments. A breakdown of the total offer indicates that the sum of $150 million was auctioned at the wholesale window while SMEs and invisibles got $52 million and $44.2 million respectively. Confirming this development, Acting Director, Corporate Communications, CBN, Mr. Isaac Okoroafor said that the forwards sales would be concluded in the days to come. He, however, added that the CBN will continue its weekly sale to dealers in the Bureau de Change (BDC) segment this week in order to guarantee onward sale to end users. According to him, the Bank’s continued interventions in the different segments had guaranteed availability to individuals and business concerns. He disclosed that the Bank was satisfied with the feedback it received concerning the response of Small and Medium Enterprises (SMEs) to access forex from the new CBN window. He said the CBN was particularly determined to ease the challenges hitherto encountered by small manufacturers hence the move to provide them with easy access to forex. “SME operators no longer have to patronize or source foreign through unofficial windows and no more pressure on either the BDCs or any other unofficial source with the opening of the special window,” he added. It will be recalled that the CBN, also last week, created a Forex window for investors and exporters, which it named: “Investors’ & Exporters’ FX Window”. The CBN circular, which announced the creation of the new window, disclosed that the purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions. President Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe commended the introduction of the new window saying it would boost forex supply in the country. He said it will also discourage speculation and other malpractice in the market.
Source: www.vanguardngr.com
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