Naira Stable As CBN Injects $210Million Into Foreign Exchange

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Naira Stable As CBN Injects $210Million Into Foreign Exchange

The local currency, Naira, maintained its stability as the Central Bank of Nigeria (CBN) injected another sum of $210m into the interbank foreign exchange market in a bid to ensure the availability of forex for customers in various segments of the market.

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According to the figures obtained from the CBN on Tuesday, the bank offered $100m to authorised dealers in the wholesale segment of the market, while the small and medium enterprises segment received $55m.

Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), were also allocated $55 million.

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Isaac Okorafor, CBN’s Acting Director, Corporate Communications Department (CCD), confirmed the figures and reassured the public that the bank will continue to intervene in the market.

On August 23 and August 24, 2018, the central bank injected $543.22m and CNY 63.21m into the interbank forex market.

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Meanwhile, the naira continued its stability in the forex market, exchanging at an average of N361/$1 in the Bureau de Change segment of the market on Tuesday.



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