CBN Injects $340m Into Forex Market

• CBN Injects $340m Into Forex Market

The Central Bank of Nigeria on Friday sustained its intervention in the foreign exchange market by injecting the sum of $339.89m into the Retail Secondary Market Intervention Sales.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, noted that the continued intervention was in line with the pledge made by the Governor, Godwin Emefiele, to sustain market liquidity in order to boost production and trade.

According to Okorafor, the feedback from the wholesale and retail segments of the Nigerian forex markets shows that customers are satisfied with their level of access to foreign exchange.

In a statement, he also assured Nigerians that the recent confirmation of the deputy governors of the apex bank and Monetary Policy Committee nominees by the Senate would further spur it to take sound decisions needed for economic development.

Details obtained from the bank indicated that the amount released was for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

Last Friday, the CBN injected the sum of $210 into the wholesale segment of the forex market in its bid to maintain naira stability.

Meanwhile, the naira exchanged at N362/$1 in the Bureau De Change segment of the market on Friday.