Naira hits year-high amid CBN’s $210m intervention

The naira on Monday depreciated to N360 against the dollar at the interbank window, the highest level recorded in 2018.

This is despite the $210 million provided by the Central Bank of Nigeria for various segments of the market.

The naira had previously exchanged for N359.95 at the interbank window.

According to figures made available by the CBN, the apex bank offered $100million to authorized dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) segment got the sum of $55 million.

Accordingly, customers in need of foreign exchange for invisibles such as tuition fees, medical payments and basic travel allowance (BTA), among others, were allocated the sum of $55 million.

Isaac Okorafor, CBN’s acting director, corporate communications department, said the bank’s commitment to continuous to intervention in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

Okorafor said that the CBN would continue to strategically manage the forex with a view to reducing the country’s import bills and halting depletion of its foreign reserves.