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CBN, NAFEX Pump $1.2bn Into Forex Market

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The Central Bank of Nigeria (CBN) and Nigeria Autonomous Foreign Exchange (NAFEX) market last week saw a combined inflow of $1.2 billion into the nation’s foreign exchange market.

The Investors and Exporters (I&E) window which has witnessed a continuous drop in the volume of inflow in previous and preceding weeks due to the fluctuation in the value of the naira saw an inflow of $996.73 million last week from $860.22 million which it made in the previous week. The naira also depreciated to N362 from N361.96 to the dollar at the start of the week on Monday.

CBN however maintained its weekly intervention of $210 million as the naira depreciated by five kobo at the start of trading on Monday to N306 to a dollar, it however maintained N306 to a dollar throughout the week at the interbank foreign exchange segment of the apex bank. The pounds sterling depreciated against the naira to sell at N394.8 on Friday from N395.74 on Monday. The naira depreciated against the Euro to trade at N354.78 from N353.22

At the Bureau de Change (BDC) end of the parallel market the naira failed to maintain the band of N358 which it has maintained for three consecutive weeks as it depreciated to N359 as at Friday last week. The naira also depreciated against the pounds sterling as it sold at N480 from N479 which it traded at the previous week. The naira however gained against the euro as it traded at N416 from N421.8 of the previous week.

Meanwhile, the CBN sold a total of N377 billion at the Friday Open Market Operation (OMO) auction to manage excess liquidity via maturities of N452billion. The stop rates for the 91-day and 203-day Treasury bills were maintained at 11.05 percent and 12.15 percent respectively.



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