Naira value drops amid CBN $100m wholesale forex intervention

The nation’s currency , the naira could not firm up on Thursday after the Central Bank of Nigeria (CBN) offered a total of $100 million to authorised dealers at the forex auction in the interbank wholesale window.
The Bank also injected a total of $31.5 million to the Bureau de Change (BDC) segment of the foreign exchange market.
Consequently, naira on Thursday depreciated by 0.42 percent to close at N396.67k per dollar from the previous day’s N395 to the dollar at the unregulated parallel market.
Investigation across Lagos black markets showed that the dollar was sold at the rate of N398 at the International Airport, N397 at Apapa and N395 at Festac.
Isaac Okorafor, acting director, corporate communication, confirmed the offer in Abuja on Thursday, disclosing that no interventions were made in the retail auction window for forex. He, however, added that the CBN made special intervention of $10,000 to dealers in the Bureau de Change (BDC) segment on Thursday.
According to him, the Bank’s interventions in the different segments had ensured stability in the market and guaranteed availability to individuals and business concerns. 
However, the local currency was quoted at N306.20 to the dollar at the inter-bank spot foreign exchange, the same level it was the previous day according to data from FMDQ.

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