CBN Boosts Nigeria’s Foreign Exchange Market With $210m

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Naira To Appreciate As CBN Plans To Pump More Dollar Into Forex Market

CBN Boosts Nigeria’s Foreign Exchange Market With $210m

The Central Bank of Nigeria says it has injected 210 million dollars into the various segments of the market to sustain its intervention in the Inter-Bank Foreign Exchange Market.

Mr Isaac Okorafor, CBN Director, Corporate Communications, made this known on Thursday in Abuja.

Okorafor said that the apex bank offered 100 million dollars as wholesale interventions and allocated 55 million dollars to Small and Medium Enterprises.

He said that another 55 million dollars was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees.

The director explained that the Thursday’s interventions was in continuation of the bank’s resolve to sustain the high level of stability in the foreign exchange market.

According to him, it is also to continue to ease access to the currency by customers in different sectors.

He lauded the actors in various sectors of the market for the level of stability, in spite of the activities of speculators.

Okorafor said that CBN was ready to play its interventionist role in the market.

The News Agency of Nigeria reports that CBN, in its last interventions earlier in December, injected 299.82 million dollars and 143.60 million Chinese Yuan into the Retail Secondary Market Intervention Sales.

Meanwhile, one United States Dollar exchanged for N360 in the Bureau De Change segment of the market on Thursday in Abuja.

(NAN)

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Datboyjerry

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