Naira appreciates to N359/$1

The Naira, yesterday, appreciated by N1to N359 per dollar in the parallel market even as the Central Bank of Nigeria (CBN) injected $210 million into the forex market. 



The CBN offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received $55 million.

 Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million.

According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange dropped to N359 per dollar from N360 per dollar on Monday, indicating N1 appreciation of the naira. Similarly, the naira appreciated by 12 kobo yesterday in the Investors and Exporters window .

Data from FMDQ showed that the indicative exchange rate for the window dropped slightly to N361.28 per dollar yesterday from N361.4 per dollar on Monday, indicating 12 kobo appreciation of the naira. On the other hand, volume of dollars traded in the window dropped to $160.15 million yesterday from $198.30 million on Monday, indicating 19 percent decline.