Naira rebounds against Dollar, Pound at parallel market
- The Naira has appreciated against the Dollar and Pound
- This comes even as the CBN injected another $246.2 million into the foreign exchange market
- ABCON chief Alhaji Aminu Gwadabe commends CBN
The Nigerian Naira on Tuesday rose to $388 per Dollar at parallel market even as the Central Bank of Nigeria (CBN) injected another $246.2 million into the foreign exchange market.
According to reports, the Naira which closed on Monday, April 24, at N390 per Dollar, appreciated to N388/$1 due to Dollar sales to Bureaux De Change (BDCs) by the CBN.
The local currency also appreciated against the Pound Sterling to close at N490 from the previous rate of N495 but stayed unchanged at N415 against the Euro.
It was gathered that the apex bank continued with its intervention in the foreign exchange market by offering $246.2 million to authorized dealers at the forex auction in the interbank wholesale window, Small and Medium Enterprises (SMEs) and invisibles segments.
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A breakdown of the total offer indicates that the sum of $150 million was auctioned at the wholesale window while SMEs and invisibles got $52 million and $44.2 million respectively.
Confirming this development, Acting Director, Corporate Communications (CBN), Isaac Okoroafor said that the forwards sales would be concluded in the days to come.
However, he added that the CBN will continue its weekly sale to dealers in the Bureau de Change (BDC) segment this week in order to guarantee onward sale to end users.
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According to him, the Bank’s continued interventions in the different segments had guaranteed availability to individuals and business concerns. He disclosed that the Bank was satisfied with the feedback it received concerning the response of Small and Medium Enterprises (SMEs) to access forex from the new CBN window.
On his part, President Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe commended the introduction of the new window saying it would boost forex supply in the country. He said it will also discourage speculation and other malpractice in the market.
Watch traders talk about what has changed in the market since President Muhammadu Buhari's return from London.
Source: Legit.ng
