Naira loses against dollar


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The naira weakened to 367 per United States dollar at the parallel market on Wednesday, after closing flat at 365/dollar in the past one week.

This was despite a $250m injection into the foreign exchange market by the Central Bank of Nigeria on Monday.

A breakdown of Monday’s intervention indicated that the wholesale sector was offered the sum of $100m, just as the Small and Medium Enterprises window received a boost of $80m.

Those requiring foreign exchange to address needs such as Business/Personal Travel Allowances, school tuition, medicals, etc. were allotted the total sum of $70m.

The CBN has managed to keep the exchange rate within the 365/dollar to 370/dollar band in the past few months, thanks to its billions of dollar worth of market interventions.

The central bank had also two week ago reportedly injected $297m into the Retail Secondary Market Intervention Sales segment, raising the total intervention for the week to the sum of $547m.

Last week, the regulator also injected $250m into the market.


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