Naira Appreciates as CBN Sustains FX Intervention

By Obinna Chima

The naira appreciated to N362 to a dollar wednesday, stronger than the N366 to a dollar it was as at the close of business on Monday.

This is just as the Central Bank of Nigeria (CBN) once more intervened in the foreign exchange (FX) market with the sum of $210 million.

The Bank offered the sum of $100 million to authorised dealers in the wholesale segment of the market while interests in the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.
Also, the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).

Confirming the figures, the CBN’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said the Bank’s continued intervention forex market is to ensure the availability of foreign exchange to genuine customers.

He urged the Deposit Money Banks (DMBs) to continue to comply with the Bank’s directive to sell forex over the counter to customers with legitimate needs so as to sustain the confidence in the foreign exchange market.

The CBN recently ordered banks not to deny genuine travelers Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) as there are enough dollar supplies to meet the demand. This was followed by the CBN Governor, Mr. Godwin Emefiele leading Bank Examiners to conduct on-the-spot assessment of FX sales in banks on Monday.