Naira drops as central bank injects another $250m into forex market

The naira on Monday depreciated against the dollar in the parallel market.

The Nigerian currency depreciated against the dollar by N2 in the parallel market.

The exchange rate for the market rose to N367 per dollar at the close of business, yesterday, from N365 per dollar, last week.

Meanwhile, the Central Bank of Nigeria (CBN), yesterday further intervened in the forex market with $250 million.

A breakdown of Monday’s intervention indicates that the wholesale sector was offered the sum of $100 million.

Small and Medium Enterprises (SMEs) window received a boost of $80 million.

Those requiring foreign exchange to address needs such as Business/Personal Travel Allowances, school tuition, medicals, etc. were allotted the total sum of $70 million.

The Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor reiterated that the interventions had ensured stability in the market.

He stressed that the CBN remained committed to maintaining transparency in the market and urged all to adhere to the extant guidelines on the sale of forex.

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