Naira closes at 364/dollar as CBN sells $195m

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The Central Bank of Nigeria on Tuesday intervened in the inter-bank foreign exchange market with the sale of $195m.

This came just as the naira appreciated to 364 per United States dollar at the parallel market, up from the 365/dollar recorded on Friday.

Figures released by the CBN showed that the regulator offered the total sum of $100m to the wholesale segment, while the Small and Medium Enterprises segment received the sum of $50m.

The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance, among others, received $45m.

The Acting Director, Corporate Communications Department at the Bank, Mr. Isaac Okorafor, while confirming the figures, said the CBN the sale was in continuation of the central bank’s efforts to sustain forex liquidity in the country.

According to him, the bank has remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.

The CBN had last week intervened in the various segments of the Forex market with the sum of $698.5m.

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