BEVERLY HILLS, January 20, (THEWILL) – The naira on Wednesday closed stable against the dollar at all segment of foreign exchange (FX) market.
At the Bureau De Change (BDC) segment and parallel market, the naira closed at N296/$ and N298/$, respectively.
It closed at N199.35k against the dollar, the same as the previous day at the inter-bank FX market. However, the CBN’s clearing rate remained unchanged, closing at N197/$ at the inter-bank FX as seen on FMDQ website.
FX inflow and outflow through the CBN in October 2015, were $2.82 billion and $2.34 billion, respectively, and resulted in a net inflow of $0.48 billion.
FX sales by the Central Bank of Nigeria (CBN) to the authorised dealers amounted to $2.19 billion and represented a decline of 9.1 percent, below the level recorded in the preceding month.
According to CBN’s economic report for October 2015, the average exchange rate at the inter-bank segment, at N196.99/$, indicated an appreciation of 0.01 percent above the level in the preceding month, but showed a depreciation of 16.42 percent from the level in the corresponding period of 2014.
At the BDC segment, the average exchange rate, at N224.83/$, depreciated by 0.96 and 24.64 percent, relative to the levels in the preceding month and the corresponding period of 2014, respectively.
Gross external reserves however increased by 1.5 percent above the preceding month’s level.
Story by David Oputah
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