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Naira to Dollar rate as at January 24 2018

The Nigerian naira on Wednesday, January
24, stabilized at N360.25 per United States
dollar in the Investors’ and Exporters’ (I&E)
window.
Data from the Financial Market Dealers
Quote (FMDQ) showed that the indicative
exchange rate for the window, known as
Nigerian Autonomous Foreign Exchange,
NAFEX, remained unchanged at N360.25
per dollar.
Meanwhile, the volume of dollars traded fell
by 43 percent yesterday to $306.70 from
$263.59 million on Tuesday.
The naira however appreciated by N1 to
N364 per dollar in the parallel market.
This is just as the Central Bank of Nigeria
(CBN) had on Monday injected $210
million into the foreign exchange market.
Confirming the development, the Acting
Director, Corporate Communications
Department (CCD), CBN, Mr. Isaac Okorafor
said that the CBN 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.
Currency speculators risk losses as
rising reserves, oil prices strengthen
naira
Meanwhile, there are strong indications
that if rising reserves, oil prices in the
international market and foreign exchange
(forex) market liquidity are sustained, the
Naira may be strengthened against other
currencies from now till a greater part of
2018.
The development may spell doom for
currency speculators and hoarders,
including politicians who may have
reserved some foreign currencies for 2019
electioneering campaigns.
The Naira’s positive outlook in the short
term is riding on the back of resurging
reserves’ profile, now nearing $41 billion
and a stable crude oil prices at the
international market, now hovering around
$68 and $71 per barrel.

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