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CBN $304.4 intervention lifts naira value across forex markets

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… Agriculture, aviation, petroleum, raw materials, other sectors

The value of the Nigeria’s currency was lifted on Friday across foreign exchange market segments, following the Central Bank of Nigeria’s (CBN) intervention in the Retail Secondary Market Intervention Sales (SMIS) of the inter-bank Foreign Exchange Market to the tune of $304,400,000.00.


The naira on Friday gained N0.19k over the US dollar as it closed at N360.35k per dollar, as against the N360.54k it traded for, the previous day at the investors and exporters forex window, data from FMDQ show.


The daily transaction turnover rose significantly on Friday, to $655.72 million, which is a 19.6 percent increase, compared to the $342.17 million recorded on Thursday at the window.


The local currency stabilised on Friday at the rate of N305.65k against the dollar at the CBN official window. At the Nigerian Foreign Exchange Fixing (NiFEX), the naira was quoted at N332.16 to the dollar on Thursday from N332.40k on Wednesday.


The CBN has spent $15.9 billion in nine months in its weekly intervention in the foreign exchange (forex) market. This is coming as the Investors’ & Exporters’ Forex Window has recorded over $27.8 billion in turnover and brought about transparency and stability in the market.


The current interventions were in favour of interests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.


Isaac Okorafor, acting director, corporate communications department, reiterated that the objective of the CBN remained to boost liquidity, production and trade.


He explained that the CBN would continue to ensure liquidity in the interbank sector of the market, as well as sustain its interventions in order to drive economic growth and guarantee market stability.


Speaking further, Okorafor expressed optimism that the Nigerian economy stood to gain massively from the bank’s forex management strategy, as could be seen in the accretion to the foreign reserves, which now stands at over $40 billion.


Meanwhile, the naira exchanged for N361/$1 in the Bureau De Change (BDC) segment of the market on Friday, January 26, 2018.

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