- CBN Sustains Forex Intervention with Another $210M
The Central Bank of Nigeria on Monday injected another $210 million into the foreign exchange market to sustain liquidity and boost economic activities.
According to the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, a total of $100 million was offered to the wholesale window, while the Small and Medium-scale Enterprises window got $55 million.
The remaining $55 million was appropriated to the invisibles window for medical payments, tuition fees and basic allowance.
Mr. Okorafor further stated that the releases were part of effort aimed at enhancing business activities in the country, which according to him will further deepen economic recovery through broad-based economic growth.
Since 2015 global oil glut plunged the economy into recession, the central bank has introduced a series of economic policies to sustain forex liquidity and bolster lackluster growth.
However, while the economy had recovered from recession, experts believe the recovery is tied to rebound in global oil prices and remain fragile. Therefore, alternative source of revenue through effective diversification is needed to sustain growth going forward.
The Naira slid to N370 against the greenback on the parallel market.