The nation’s currency on Thursday depreciated against the U.S dollars by 0.24 percent on the second day of trading in the year.
After trading on Thursday, naira closed at N365.30k per dollar as against N364.41k/$ traded the previous day at the investors and exporters foreign exchange window, data from FMDQ revealed.
The Central Bank of Nigeria (CBN) intervened last in the inter-bank sector of the foreign exchange market on December 12, 2018 where it injected a total of $210 million in the wholesale segment and other sectors of the market.
At the Bureau De Change (BDC) segment of the foreign exchange market, naira appreciated by N1.00k to close at N359/$ on Thursday from N360 per dollar, traded previously.
Aminu Gwadabe, president of Association of Bureau De Change Operators of Nigeria (ABCON) attributed the naira appreciation at the market segment to increased supply of dollar, adding that demand is low as market activities have not fully resumed.
On November 30, 2018, before the Christmas celebration, the CBN introduced a special intervention of cash dollar sales to the tune of $15,000 to each BDC operator.
Gwadabe told BusinessDay by phone that if the collaboration between the CBN and the BDC operators is maintained, naira will remain stronger in the year.
At the parallel market, naira closed at N362 per dollar, gaining about N1.00k compared to N363 traded on Monday.
The local currency traded stable at the Central Bank official forex window, closing at the rate of N306.95k per dollar.
The breakdown of the last intervention indicated that the Wholesale sector of the market got another injection of $100 million, while the Small and Medium Enterprises (SMEs) and invisibles sectors each received $55 million.
Isaac Okorafor, director, corporate communications department at the CBN, said the forex interventions, in continuation of the Bank’s resolve, were aimed at sustaining the high level of stability in the forex market and continually ease access to the currency by customers in the different sectors.
HOPE MOSES-ASHIKE
