CBN Sells Another $195m to Support Naira

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  • CBN Sells Another $195m to Support Naira

In an effort to ensure a stable currency, the Central Bank of Nigeria (CBN)  on Wednesday sold a total of $195 million to support the Naira.

The breakdown revealed authorised dealers in the wholesale segment received a total of $100 million offer from the bank.

While Small and Medium Enterprises (SMEs) and invisible segments were appropriated $50 million and $45 million respectively.

Mr Isaac Okorafor, the Central Bank’s Acting Director, Corporate Communications Department said the move was continued effort by the apex bank to ensure the stability of the currency.

The Central Bank of Nigeria remained upbeat that the Naira value would improve further in the months to come, especially with consumer prices now at a year low of 16.25 percent.

The foreign exchange market remained stable this week, with the Naira exchanging at an average rate of N363 to a US dollar.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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