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Forex Inflow At CBN, I&E Hit $4.1bn

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Following the re-election of the incumbent President  Muhammadu Buhari at the just concluded presidential and national assembly elections, the volume of foreign exchange that flowed in through the Investors and Exporters (I&E) window and the Central Bank of Nigeria (CBN) last week increased significantly to a high of $4.163 billion.

According to the figures obtained by LEADERSHIP from the Financial Markets Dealers Quotations (FMDQ), the I&E forex trade amounted to $3.953 billion last week. The figures showed that the market was able to gather as much as $1.26 billion and $1.88 billion  at the end of trading on Wednesday and Friday last week with trading being between the ranges of $361.18 and $361.03 respectively.

At the central bank end, the local currency remained firm at N306.85 to the dollar throughout the week. The naira appreciated against the pounds sterling to sell at N406.2 from N408.1, while against the euro the naira gained to N349.22 from N350.20.

The CBN had offered authorised dealers in the wholesale segment of the market the sum of $100 million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

Similarly, customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

Confirming the figures, Isaac Okorafor, the CBN’s director, corporate communications department, reiterated the CBN’s commitment to continue to boost interbank foreign exchange market to ensure liquidity in the market.

It will be recalled that on Friday, February 22, 2019, the Bank injected the sum of $268.4 million and CNY46.3 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, at the Bureau de change (BDC) segment of the forex market figures from the Association of Bureau de Change Operators of Nigeria (ABCON) showed that the naira appreciated to N358.5 from N359 while the naira depreciated against the pounds sterling and euro to sell at N474 from N473.5 and N411 from N410 respectively.

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