Naira loses strength against dollar

The naira on Monday depreciated marginally to N360.13 per dollar in the Nigeria Autonomous Foreign Exchange Window (NAFEX).

The local currency had closed at N360.08 last weekend.

Meanwhile, the Central Bank of Nigeria (CBN) yesterday, injected 195million dollars into the inter-bank Foreign Exchange(Forex) Market.

Isaac Okorafor, acting Director, Corporate Communications, in a statement said the bank offered 100 million dollars to authorized dealers in the wholesale segment of the market.

He said the Small and Medium Enterprises (SMEs) segment received 50 million dollars while those requiring forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received 45 million dollars.

Okorafor said CBN is confident that the level of transparency it had entrenched in the market will help the Naira to sustain its steady run against the dollar.

He further said it would also strengthen the naira against other major currencies around the world.

The official added that the market would remain very stable as long as every player sticked to the forex guidelines.

Credit: Daily Post

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