CBN Injects $210m Into Forex Market

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

The Central Bank of Nigeria on Tuesday injected $210m in the inter-bank foreign exchange market.

Figures obtained from the CBN indicated that the authorised dealers in the wholesale segment of the market received $100m while the small and medium enterprises and invisibles segments were allotted $55m each.

The Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, assured that the CBN would continue to sustain liquidity in the forex market.

He also expressed optimism that the naira would continue its strong run against the dollar and other major currencies around the world, considering the stability in the market and robust reserves.

The CBN had on Friday, November 2, 2018, made interventions to the tune of $337.16m in the retail secondary market intervention sales and CNY56.17m in the spot and short- tenored forwards segment of the foreign exchange market.

“Meanwhile, the naira on Tuesday, exchanged at an average of N360/$1in the Bureau De Change segment of the market,” it noted.

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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