CBN Injects $210m Into Forex Market

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As part of efforts to ensure stability in the foreign exchange market, the Central Bank of Nigeria (CBN) has injected the sum of 210 million dollars into the Nation's inter-bank Foreign Exchange Market. The disclosure was made by the apex bank’s Director of Corporate CommunicationsMr Isaac Okorafor in a statement in Abuja. 

Okorafor explained that authorized dealers in the wholesale sector of the market received 100 million dollars, while the Small and Medium Enterprises (SMEs) and the invisible segments were allocated the sum of 55 million dollars each. He said the efforts of the CBN had helped to ensure the stability of the Naira and also increased the level of investors and public confidence in the economy. 

Recall that in the last intervention on July 26, the apex bank injected the sum of 284.2million dollars and CNY36million into the Retail Secondary Market Intervention Sales (SMIS) segment. Meanwhile, the Naira on July 30th exchanged at an average of N358 to a dollar in the Bureau De Change (BDC) segment of the market.

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