By Kayode Tokede, Lagos
The intervention of the Central Bank of Nigeria (CBN) in the foreign exchange market in 22 weeks has risen to N7.13 billion. The apex banking regulating body last week sold $482.60 million at the interbank window in a bid to bridge the gap between the parallel market and official rates.
Analysts at a Lagos based Securities firm, Cordros Capital, said last week’s intervention by CBN brings the total amount to approximately N7.13 billion, since January.
They also said volume of trading on the Investors Export Foreign Exchange (IEFX) window, revealed that approximately $1.93billion has been sold by autonomous sources between April 28th and May 26th, 2017.
According to the analysts, the CBN’s intervention has stabilize the Naira against foreign currencies, as the Dollar/Naira last week strengthened to N374, the highest this year. The dollar against Naira at the official rate last week declined by 0.02 per cent to N305.50 while Pound Sterling against/Naira and Euro against Naira fell by 3.78 per cent 4.12 per cent to N418.23, and N366.51 respectively.
In the parallel market, the Dollar/Naira appreciated by 1.83 per cent to N375. Pound/Naira gained 2.02 per cent strengthened to N485, while the Euro/Naira closed flat at N422.