CBN Injects $210m Into Forex Market

• CBN Injects $210m Into Forex Market

The Central Bank of Nigeria (CBN) yesterday injected $210 million into various segments of the inter-bank foreign exchange market.

The CBN had at the trading, offered $100 million as wholesale interventions and allocated $55 million to the Small and Medium Enterprises (SMEs) forex window. Customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others, equally got an allocation of $55 million.

CBN’s Acting Director, Corporate Communications Department, Isaac Okorafor, confirmed the sales, reiterating that the bank would sustain its interventions in the foreign exchange market.

He expressed optimism that the value of the naira would continue to spike in the face of accretion to the foreign reserves and the attendant reduction in the country’s import bill.

While also attributing the stability in the market to the bank’s transparency and cooperation of authorised dealers, he urged all dealers to continue to play by the rules, as the CBN would not hesitate to sanction any erring bank or dealer.

Meanwhile, the naira continued to maintain its stable run against major currencies around the globe, exchanging for N362/$1 in the bureau de change segment of the market as at yesterday.