Again, CBN injects $210 Million Into Forex Market

The Central Bank of Nigeria (CBN) has once more injected the sum of $210 million into various segments of the inter-bank market.
A statement from the apex bank said that at today, Monday’s trading, the bank offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55 million to the Small and Medium Enterprises (SMEs) forex window.
The statement said that the customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others, got an allocation of $55 million.
This is even as the Acting Director in the Corporate Communications Department of the apex bank, Isaac Okorafor, confirmed the sales.
He said that the bank would sustain its interventions in the foreign exchange market, even as he expressed optimism that the value of the naira will continue to spike in the face of accretion to the foreign reserves and the attendant reduction in the country’s import bill.
Okorafor, who attributed the stability in the market to the CBN’s transparency and cooperation of authorized dealers, called on all dealers to continue to play by the rule, as the CBN would not hesitate to sanction any erring bank or dealer.
Meanwhile, the naira continued to maintain its stable run against major currencies around the globe, exchanging for N362/$1 in the BDC segment of the market today, Monday, January 29.[myad]