Naira flats against dollar across official FX segments

The Nigerian currency, naira, on Wednesday remained stable against the United States dollar across official Foreign Exchange segments.

This is even as the Investors & Exporters FX window recorded a total turnover of $24m, higher than Tuesday’s $179.1m.

The I&E FX window began Wednesday’s trading activities at an open rate of N361.96 per dollar before closing at N362.29, the same rate it traded the previous day.

Similarly, the naira remained unchanged at the Central Bank of Nigeria official rate of N306.95 to the dollar, the same rate it had been selling since the market opened on Monday.

At both the Bureau De Change and the parallel market, the naira was flat against the U.S. dollar at N359 and N361 respectively.

Meanwhile, the CBN, in its bid to sustain liquidity in the market, has continued to intervene in the interbank FX market.

The apex bank had been injecting FX into the Secondary Market Intervention Sales, while allotting FX to the Wholesale SMIS, Small and Medium Scale Enterprises and Invisibles.

Finance analysts, however, believed that the naira would remain stable against the dollar in most market segments, especially the I&E, as CBN sustains its special interventions.

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