CBN Injects $210m Into Forex Market

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  • CBN Injects $210m Into Forex Market

The Central Bank of Nigeria has injected $210m into the interbank foreign exchange market in the sales concluded on Wednesday.

Figures obtained from the bank indicated that it offered $100m to the wholesale segment, while the Small and Medium Enterprises segment received $55m.

The CBN added that the invisibles segment, comprising tuition fees, medical payments and basic travel allowance, among others, also received a $55m boost.

The Director, Corporate Communications, CBN, Mr Isaac Okorafor, while confirming the figures, said the CBN was pleased with the state of the forex market.

Okorafor added that the bank would continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

He said the bank was determined to achieve its objective of exchange rate stability, thus the continued intervention in the forex market.

According to him, the level of transparency in the market was also a boost to confidence in the market.

The CBN, on November 16, injected $318.03m and CNY 62.18m into the retail Secondary Market Intervention Sales.

Meanwhile, the naira continued to maintain its stability in the forex market, exchanging at an average of N361/$1 in the BDC segment of the market on Wednesday.

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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