Home Uncategorized CBN’s Interbank rate: Naira closes flat to N307/$ on Thursday

CBN’s Interbank rate: Naira closes flat to N307/$ on Thursday

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Following the Central Bank of Nigeria (CBN) intervention, Naira at the interbank market rate closed flat at N307/ Dollar on Thursday.

At the parallel market, while the Naira closed flat at N360 against the Dollar, it closed at N462 and N403 losing 0.43per cent and 0.25per cent against the Pounds and Euro respectively.

Meanwhile trading at the Investors & Exporters Foreign Exchange (I&EFX) window, while the Naira gained by 0.38per cent and 0.39per cent against the Pounds and Euro to close at N456.64 and N406.20 respectively, it lost 0.01per cent against the Dollar at N360.67.

According to the FMDQ OTC securities, a total turnover of $142.13 million was traded on Thursday

At the Bureau De Exchange market, Naira was exchanged at an average of N360/Dollar  while it remained flat at N360.00 in the parallel market on Tuesday.

Analysts said, the foreign exchange market injection of CBN has continued to curb speculative trading, stressing that the apex bank should sustain its intervention.

The apex bank on Tuesday injected $210 million into the foreign exchange.

Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were offered $100million, while the Small and Medium Enterprises (SMEs) segment received $55million, while the remaining $55million was allocated to customers in need of forex for invisibles like tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Confirming the figures, the Director, Corporate Communications Department, Isaac Okorafor reaffirmed the Bank’s commitment towards ensuring stability in the foreign exchange market.

It will be recalled that at the last intervention on Friday, the Bank injected the sum of $294.7million and CNY31.4million into the Retail Secondary Market Intervention Sales (SMIS) segment.

 

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