CBN Injects $205m Into Forex Market

Dollar Naira
  • CBN Injects $205m Into Forex Market

The Central Bank of Nigeria, on Tuesday, injected the sum of $205m into the inter-bank foreign exchange market in its continued push to sustain liquidity.

Figures obtained from the CBN indicated that authorised dealers in the wholesale segment of the market were offered the sum of $100m, while the Small and Medium Enterprises segment received the sum of $55m.

The sum of $50m was allocated to customers requiring forex for invisibles such as tuition fees, medical payments and basic travel allowance, among others.

The Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, said that the bank’s effort had helped to guarantee stability in all the exchange rate windows.

He noted that the dogged implementation of the country’s forex restriction to some 43 items had boosted activities in the industrial sector.

He also noted that the move had equally increased the level of confidence investors and the public had in the naira.

Recall that at the last intervention, the bank injected the sum of $268.6m and CNY29.2m into the Retail Secondary Market Intervention Sales segment.

Meanwhile, the naira on Tuesday exchanged at an average of N361/$1 in the Bureau De Change segment of the market.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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