Naira weakens 0.09% in Investors’ Forex Window despite CBN’s injection of $210m into market

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The Naira weakened 0.09 per cent to N364.90 against the Dollar at the Investors and Exporters (I&E) foreign exchange window despite the Central Bank of Nigeria (CBN) injecting $210 million.

The I&E forex segment opened at N364.60, traded high at N365.55 and eventually closed at N364.90, representing a 0.09 per cent.

Investors traded a total of $366.19 million through the I&E window, as the apex intervened with $100 million interbank market, sold $55 million to Small and Medium Enterprises (SMEs) segment and the same amount to customers seeking foreign exchange for Invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).

At the parallel market, the cash and transfer rates remained unchanged at N357.90/$ and N364.00/$ respectively.

More so, at the Interbank, the Naira/USD spot rate lost N0.05 to close at N306.90/$, while the SMIS rate remained unchanged at N358.51/$.

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Author: abokimallamfx