The naira weekend exchanged for 477/$ at the parallel market.
At the Investor & Exporter forex window, the naira closed at 396.17/$ after hitting a high of 401/$.
The Central Bank of Nigeria recently disclosed that it injected $4.37bn into the foreign exchange market in the third quarter of 2020 as part of efforts to ensure the stability of the naira.
The bank said through its periodic interventions in the forex market, it continued to boost the supply side of the market, as COVID-19 crisis weakened the private sector supply chain segment of the market.
Part of the CBN economic report read, “During the third quarter of 2020, total foreign exchange sales to authorised dealers by the bank amounted to $4.37bn, a decline of 2.3 per cent from the level in the preceding quarter.
“This was attributed largely to the decrease in wholesale forward intervention and interbank sales. The total foreign exchange sales represented a decrease of 56.4 per cent, compared with the corresponding quarter of 2019.”
It added, “Further disaggregation showed that matured swap transactions and SMIS intervention rose by 50.8 per cent and 0.7 per cent to $1.24bn and $1.96bn, from the levels in the preceding quarter.
“However, interbank sales, interventions at the I&E window and SME fell by 22.3 per cent, 18.7 per cent and 3.5 per cent to $0.15bn, $0.39bn and $0.30bn relative to their levels in the preceding quarter.”
According to the report, foreign exchange cash sales to Bureau de Change operators was $0.33bn in the review period.
The Association of Bureaux de Change had said that the funding of the BDCs had helped to deepen the forex market and reduced the level of forex scarcity that always formed the basis for speculative activities.
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