CBN Injects $210m Into Interbank Forex Market

Forex Weekly Outlook March 6 - 10
  • CBN Injects $210m Into Interbank Forex Market

The Central Bank of Nigeria on Tuesday said it injected the sum of $210m into the interbank foreign exchange market to boost liquidity in the system.

The CBN said it allocated the sum of $100m to dealers in the wholesale sector, while the Small and Medium Enterprises segment and invisibles received the sum of $55m each.

The Acting Director, Corporate Communications Department at the bank, Isaac Okorafor, said the continued intervention in the interbank forex market was mainly to ensure sustained liquidity and stability in the market.

According to him, the intervention by the CBN had impacted the market positively and guaranteed a stable exchange rate for the naira.

He said the intervention had also led to a reduction in the country’s import bills and accretion to its foreign reserves.

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

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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