Naira falls at inter-bank, investors window

The nation’s currency, on Thursday depreciated at the inter-bank spot foreign exchange and investors and exporters window due to forces of demand and supply.

Naira lost N0.70k to close at N306.20k per dollar on Thursday from N305.50k per dollar traded the previous day at the inter-bank market, data from FMDQ show.

At the investors and exporters forex window, the local currency weakened by N1.00k 0.27 percent per dollar as it closed at N366.00k per dollar on Thursday as against N365.00k quoted on Wednesday.

The naira traded at the rate of between N366/$ and N367 per dollar at the parallel market, the same level it was quoted since the week.

The nation’s currency is seen steady on the foreign exchange markets in the coming days as the central bank continues to inject dollar into the market to improve liquidity while also tightening naira liquidity to curb pressure on the local currency.

The CBN on Wednesday announced bids for retail auction by authorized dealers in the inter-bank foreign exchange market, following its intervention in other segments of the market on Monday, July 3, 2017, to the tune of $195 million.

Authorized dealers in the wholesale window were offered the sum of $100 million on Monday. The Bank also allocated the sum of $50 million to the Small and Medium Enterprises (SMEs) window, while it allocated the sum of $45 million for invisibles such as Basic Travel Allowance, tuition and medical bills.

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