In a bid to mitigate the continuous depreciation of the naira against the dollar, the Central Bank of Nigeria (CBN) has injected over $300 million into the foreign exchange market.
This move comes amidst concerns over the instability of the naira-dollar exchange rate, which has seen rates soar as high as N1850/$ in recent trading sessions.
The Association of Corporate Treasurers of Nigeria revealed the CBN’s intervention in an advisory memo to its members, highlighting the significant injections made over the past two weeks.
The memo underscores the urgency to address the steep decline in the value of the naira, which has posed challenges to businesses and individuals alike.
The CBN’s proactive measures signal a concerted effort to stabilize the forex market and restore confidence in the domestic currency.
The injection of funds aims to provide liquidity and alleviate pressure on the naira, which has experienced rapid depreciation in recent weeks.
Market analysts anticipate that the CBN’s intervention will help mitigate the volatility of the naira-dollar exchange rate, providing relief to businesses and consumers grappling with the economic uncertainties.
The move reflects the CBN’s commitment to maintaining stability in the forex market and fostering economic growth amidst challenging times.
