This latest injection came barely two trading days after the CBN injected $262.5m into the inter-bank foreign exchange market.
The CBN had on Friday made its first Retail Secondary Market Intervention sales on Friday.
The local currency had closed
at 363/dollar at the parallel market in the past two weeks.
The naira is expected to be largely
unchanged for foreign investors this week after a slow start of trading
at the beginning of the year.
The naira traded at 360 to the dollar at the Investors and Exporters FX window, compared with last week’s close of 362/dollar.
Traders said volumes were low but
foreign investors have resumed selling which would help boost dollar
liquidity on the currency market.
On the official market, it was quoted at 305.80, supported by the CBN’s regular intervention.
The naira closed at 363/dollar at the parallel market on Friday.
Figures obtained from the CBN on Monday
indicated that it offered $100m to authorised dealers in the wholesale
segment of the market, while the Small and Medium Enterprises segment
received the sum of $55m.
Customers requiring foreign exchange for
invisibles such as tuition fees, medical payments and Basic Travel
Allowance, among others, were also allocated the sum of $55m.
The Acting Director, Corporate
Communications, CBN, Mr. Isaac Okorafor, confirmed the figures, adding
that those who made bids in the wholesale window would receive value for
the bids on Tuesday.
Okorafor reassured the public that the
bank would continue to intervene in the interbank foreign exchange
market in line with its resolve to sustain liquidity in the market and
maintain stability.
According to him, the steps taken so far
by the CBN in forex management has yielded many positives, particularly
as it has to do with reduction in the country’s import bills and
accretion to its foreign reserves.
Punch N.
No comments:
Post a Comment