The naira on Monday depreciated against the dollar in the
parallel market.
The Nigerian currency depreciated against the dollar by N2
in the parallel market.
The exchange rate for the market rose to N367 per dollar at
the close of business, yesterday, from N365 per dollar, last week.
Meanwhile, the Central Bank of Nigeria (CBN), yesterday
further intervened in the forex market with $250 million.
A breakdown of Monday’s intervention indicates that the
wholesale sector was offered the sum of $100 million.
Small and Medium Enterprises (SMEs) window received a boost
of $80 million.
Those requiring foreign exchange to address needs such as
Business/Personal Travel Allowances, school tuition, medicals, etc. were
allotted the total sum of $70 million.
The Bank’s Acting Director in charge of Corporate
Communications, Isaac Okorafor reiterated that the interventions had ensured stability
in the market.
He stressed that the CBN remained committed to maintaining
transparency in the market and urged all to adhere to the extant guidelines on
the sale of forex.
By Wale Odunsi
