The rates of the Nigerian naira at the parallel market is
gradually closing in on the official rates set by the
Central Bank of Nigeria (CBN) as the bank pumps
fresh $413.5 million into the forex market.
At the parallel market on Monday, the naira, which
hovered around 365 per dollar, traded as low as a
record 362, just about N2 away from the CBN official
rate of N360 per dollar for invisibles.
The CBN said its recent intervention in the inter-bank
foreign exchange market to the tune of $413.5 million,
underscores its resolve to guarantee liquidity in the
market as well as shore up the international value of
the naira.
Giving a breakdown of the bank’s latest round of
intervention, Isaac Okorafor, the CBN acting director in
charge of corporate communications, disclosed that
the CBN offered the sum of $100 million to dealers in
the wholesale window, while the Small and Medium
Enterprises (SMEs) window was allocated a total of
$28 million.
The invisibles segment was allocated the sum of
$25.5 million to meet the needs of those requiring
forex for Business/Personal Travel Allowances, school
tuition, medicals, etc.
According to Okorafor, the Bank also yesterday
released the figures for the auction sales in the retail
window last week, totaling $260million.
The CBN spokesperson said the Bank was optimistic
that the naira will continue its strong run against the
dollar and other major currencies around the world,
considering that transparency in the market has
ensured greater stability.
On the Bank’s objective to achieve convergence
between the forex rates at both the inter-bank and
BDC segments, Okorafor said the CBN was confident of
achieving the goal soon, particularly if all stakeholders
played by the rules.
He therefore charged all dealers, principally licensed
bureaux de change (BDCs), to abide by the rule, for the
sake of the economy.
TheCable
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