Naira Closes N360.65 At I & E Fx Window

The Investors and Exporters (I&E) foreign exchange window depreciated by 0.07 per cent on Monday to close at N360.65 amid Central Bank of Nigeria (CBN) sustained injection.

Trading activities at the specialised window for investors and exporters opened at N360.33, traded high and low at N362.00 and N357 respectively on Monday. The naira at the inter-bank (official) market remained unchanged at N305.80 against the dollar but depreciated at the parallel market against other currencies.

The naira against the dollar at the parallel market dropped to N364 from N363 it opened for trading on Monday. Against the pound sterling, it spill to N487 on Monday from N485 it traded on Friday and dip by 0.5 per cent to N433 against the euro.

The apex bank had intervened in the inter-bank Foreign Exchange Market with the total sum of $262.5 million on Friday to stabilize the market. According to CBN, the sum was in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Acting Director in charge of Corporate Communications at the Bank, Mr. Isaac Okorafor confirmed the figures, noting that the releases remained targeted at boosting production and trade in addition to sustaining liquidity in the market.

According to him, the CBN would not relent in its resolve to make the inter-bank forex market liquid; stressing that the Bank was committed to driving economic growth and guaranteeing stability in the market.

He had also reiterated that the Bank’s intervention had effectively checked the activities of speculators, assuring that the Bank would continue to monitor, thoroughly, the activities of authorised dealers in order to checkmate possible sharp practices.

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