Naira gains as CBN sells dollars to foreign investors at N411.5 | Ripples Nigeria
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Naira gains as CBN sells dollars to foreign investors at N411.5

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FOREX: CBN injects N273m into retail secondary market

The Central Bank of Nigeria (CBN) sold the U.S dollars to foreign investors at N411.5 the closing rate of NAFEX window on Monday.

According to data from FMDQ, Investors and Exporters window closing rate on Monday represents a 17 kobo marginal gain when compared to N411.67 on Friday, 14th May 2021.

For months, the Central Bank of Nigeria has been on a frantic dollar sale to foreign investors seeking to repatriate their funds abroad to ease dollar pressure.

In February, the International Monetary Fund had estimated $2 billion of foreign investors dollars were trapped in Nigeria.

During market activities at the I&E window, Naira exchanged to the dollar at as high as N425.90 and N395.00.

This happens as daily turnover declined by 45.2% to stand at $111.53 million from $203.42 million on Friday.

Read also: Again, Naira falls against U.S dollars, as external reserves drop

Meanwhile, the naira remained stable against the dollar for the second day at the parallel market after the revelation that CBN has adopted the flexible exchange rate as a reference for government transactions.

Data from Aboki FX show that on Monday, Naira closed at N484 to a U.S dollar at the same rate it closed on Friday last week.

This implies as at the end of Monday’s trading the difference between the official and unofficial exchange rate now stands at N72.5

By Dave Ibemere…

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