Naira Stabilises As CBN Injects $210 million Into Forex Market

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The Central Bank of Nigeria (CBN), has injected another sum of $210 million into the inter-bank Foreign Exchange Market, in its desire to sustain liquidity in the forex market, and thereby ensuring that forex is available for customers’ needs in various segments of the market.

According to the figures obtained from the CBN yesterday, the bank offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received $55 million. Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million.

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The bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, confirmed the figures and reassured the public that the bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability. He said that the steps taken so far in the management of forex was paying off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves.

Last Monday, the bank injected $210m into the wholesale segment of the forex market.

The naira also yesterday continued its stability in the Forex market, exchanging at an average of N360/$1 in the BDC segment of the market.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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