Home BUSINESS BANKING & FINANCE Central Bank Injects Another $210 Million Into Forex Market

Central Bank Injects Another $210 Million Into Forex Market

CBN-Office-Abuja

The Central Bank of Nigeria (CBN) has again injected the sum of $210 million into the inter-bank Foreign Exchange Market to boost liquidity in the sector.

Authorized dealers in the wholesale segment of the market, according to a statement from the bank, received the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Similarly, customers seeking foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were allocated a total of $55 million.
Director in the Corporate Communications Department of the apex bank,  Isaac Okorafor confirmed the figures,  saying that the bank is committed to continue to sustain liquidity and ensure stability in the market.
 Okorafor said that the continued intervention by the bank underscored the resolve of the Governor, Godwin Emefiele, to guarantee access to all those who genuinely required foreign exchange from the forex market.
It will be recalled that last Friday February 7, the bank injected the sum of $218.41 million and CNY18 million into the Retail Secondary Market Intervention Sales (SMIS) segment.
Meanwhile, the Naira remained stable, exchanging at an average of N358/$1 in the BDC segment of the market today, February 11.
Editorial staff
Editorial Staff at Greenbarge Reporters is member of a team of journalists led by Editor-in-Chief, Yusuf Ozi Usman.