Naira remains at N385/$ as CBN pumps in $453.3m

The Central Bank of Nigeria (CBN) yesterday injected $457.3 million into various segments of the foreign exchange market, even as the naira maintains stability at N385 per dollar in the parallel market.Meanwhile the CBN also disclosed that the Investors and Exporters (I&E) foreign exchange window has so far attracted $600 million from autonomous sources and from the apex bank.Isaac Okorafor, acting Director, Central Bank Corporate Communications, who made the disclosure on behalf of the apex bank, said a breakdown of the $457.3 million offered yesterday indicated that both the spot and forwards segments received a total of $267.3 million while the wholesale segment got $100 million.He   added that the SME and invisibles segments comprising of basic travel allowance, tuition fee and medical got and $50 million and $40 million respectively.According to him, the volume of trading on the Investors and Exporters foreign exchange window in the past three weeks on the FMDQ platform revealed that the sum of $600 million has so far been sold by both the CBN and autonomous sources.Vanguard survey of the parallel market yesterday revealed that the parallel market exchange rate which closed last week at N385 per dollar closed at the same level yesterday. The stability was attributed to the expected CBN dollar sale of $20,000 each of the over 3000 bureaux de change (BDCs) today.The naira also maintained its stability at the Investors and Exporters (I&E) foreign exchange window, with exchange rate of N383 per dollar.