CBN Injects $210m Into Forex Market

• CBN Injects $210m Into Forex Market

The interbank window of the nation’s foreign exchange market on Tuesday received a boost of $210m from the Central Bank of Nigeria.

The interventions were made at the wholesale, the Small and Medium-scale Enterprises, and invisibles segments of the market.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, said the bank offered the sum of $100m to the wholesale segment, while the SMEs and invisibles segments received the sum of $55m each.

He reiterated that the releases were meant to boost liquidity, trade and ease of remittances for legitimate personal commitments.

In spite of the stable exchange rate and the expected inflow from various sources such as the Eurobond and remittances from the Diaspora, Okorafor said the bank would continue to intervene in the inter-bank forex market to guarantee liquidity.

While also noting that the interventions had largely checked unwholesome activities of currency speculators, he said that the CBN would not relent in its daily monitoring of activities in the market in order to ensure that all concerned operate in line with extant rules.

The naira has maintained a relatively steady rate against major currencies around the globe, exchanging for N363/$1 at the parallel market in the past few months.