CBN Sustains Forex Intervention Programme, Sells $210m into Forex Market

Dollar Naira
  • CBN Sustains Forex Intervention Programme, Sells $210m into Forex Market

In an effort to sustain dollar liquidity at the various segments of the foreign exchange market, the Central Bank of Nigeria injected another $210 million into the foreign exchange market.

Mr Isaac Okorafor, the Director, Corporate Communications, CBN, disclosed this in a statement on Tuesday in Abuja.

The director said the apex bank sold $100 million to the wholesale segment and allocated $55 million to Small and Medium Enterprises.

While another $55 million was appropriated to customers requiring foreign exchange for personal travels, tuition or medical fees.

Okorafor said the interventions were in continuation of the bank’s commitment to economic growth and affordable forex rates.

Meanwhile, the Naira maintains stability against the U.S. dollar despite election headwinds. The local currency was exchanged at N360 against the U.S. dollar at the Bureau de change segment, while the Pound Sterling and the Euro were exchanged at N469 and N410, respectively.

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

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