Home BANKING & FINANCE CBN Returns From Christmas Holiday, Pumping $210 Million Into FOREX Market

CBN Returns From Christmas Holiday, Pumping $210 Million Into FOREX Market

The Central Bank of Nigeria (CBN) resumed from the Christmas and Boxing Day breaks by injecting the sum of $210 million in the wholesale segment and other sectors of the market to boost inter-bank sector of the Foreign Exchange market.

Figures released by the Bank today, Thursday indicated that the Wholesale sector of the market got another injection of $100 million, while the Small and Medium Enterprises (SMEs) and invisibles sectors each received $55 million.

The Director of Corporate Communications Department in the apex bank, Isaac Okorafor said that the forex interventions is part of the Bank’s resolve to sustain the high level of stability in the Forex market and ease access to the currency by customers in the different sectors.

He lauded actors in various sectors of the forex market for the level of stability, in spite of activities of speculators, and assured that the CBN will continue to play its interventionist role in the market.

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It will be recalled that the CBN, in its last interventions earlier in December, injected the sum of $299.82 million and CNY 143.60 million into the Retail Secondary Market Intervention Sales (SMIS).

Meanwhile, one United States Dollar (US$1) exchanged for N360 in the Bureau De Change (BDC) segment of the market today, Thursday.