The Central Bank of Nigeria’s effort to stabilize the value of the naira in exchange for the U.S dollar has begin to pay off.
The naira on Thursday appreciated to N359.56 in the Investor and Exporter (I&E) Foreign Exchange, forex.
The indicative exchange rate for the I & E Forex Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, appreciated to N359.56 per dollar.
It jumped from Wednesday’s market rate which stood at N360.70 per dollar. This indicates an appreciation of N1.14 kobo in the value of the local currency.
Meanwhile, the volume of dollars traded in the window, yesterday, was $191.07 million from $299.80 million exchanged on Wednesday.
This indicates a 2.9 per cent decrease in the volume of dollars traded in the market. Meanwhile, the Central Bank of Nigeria, CBN, has continued its sustenance of foreign exchange liquidity by injecting another $195m into the inter-bank foreign exchange market, even as the naira maintains its strength.
Figures released by the bank showed that it offered the sum of $100m to the wholesale segment, while the Small and Medium Enterprises segment received the sum of $50m.
The invisibles segment comprising tuition, medical payments and basic travel allowance received $45m.
The bank’s Acting Director, Corporate Communications, Isaac Okorafor, said the intervention was in line with the CBN’s continual determination to ensure forex liquidity and satisfy legitimate demands.
Okorafor said the bank would continue to intervene in the nation’s forex market in order to sustain the liquidity in the market and guarantee the international value of the naira.