Economy

CBN injects $210m into Forex Market

The Central Bank of Nigeria (CBN) has injected the sum of 210 million dollars into the inter-bank Foreign Exchange Market to boost liquidity in the sector.

The bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor made this known in a statement in Abuja on Tuesday.

Okorafor explained that authorised dealers in the wholesale segment of the market received the sum of 100 million dollars, while the Small and Medium Enterprises segment received the sum of 55 million dollars.

He said customers who were seeking foreign exchange for Invisibles such as tuition fees, medical payments, and Basic Travel Allowance, among others, were allocated a total of 55 million dollars.

The director stated that the CBN’s commitment to sustaining liquidity and ensuring stability in the market remained paramount on the minds of the management of the bank.

According to him, the continued intervention by the bank underscored the resolve of the Governor, Godwin Emefiele, to guarantee access to all those who genuinely required foreign exchange from the forex market.

News Agency of Nigeria (NAN) recalls that the bank was on Friday, injected the sum of 218.41 million dollars and CNY18 million into the Retail Secondary Market Intervention Sales segment.

Meanwhile, the Naira on Tuesday, remained stable, as N358 was exchanged for a dollar in the Bureau de Change segment of the market.

-NAN

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