CBN Injects $482.6m into Forex Market, Naira Gains

• CBN Injects $482.6m into Forex Market, Naira Gains

The Central Bank of Nigeria, CBN, on Tuesday cushion the economy by injecting a total of $482.6 million into the foreign exchange market.

According to a statement released by its Acting Director, Corporate Communications, Mr Isaac Okorafor in Abuja, this was part of the measures promised by the apex bank to moderate the Naira’s value and sustain forex liquidity.

The breakdown of the intervention shows $285.7 million was allocated to the retail Secondary Market Intervention Sales, while $100 million was offered in the Wholesale SMIS auction window.

The invisibles segment, consisting of Personal Travel Allowance, medicals, tuition fees and Basic Travel Allowance was allocated $45 million.

Speaking further, Okorafor expressed optimism that the CBN’s objective to converge exchange rate across all forex segments would be achieved soon, and called on all stakeholders to play their respective roles in ensuring the smooth running of the foreign exchange policy.

In April, the economy rebounded slightly after data showed the consumer prices and the economy improved following a series of policies instituted by the CBN to speed up economic recovery and sustain its diversification agenda.

So far, the CBN has injected about $5 billion into the forex market.

The Naira traded at an average of N375 to a dollar in Abuja, Lagos, Kano and Port-Harcourt on Tuesday.