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CBN injects $210m into forex market

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 The Central Bank of Nigeria CBN has injected the sum of 210 million dollars into Nigerian Inter Bank Foreign Exchange market following conclusion of Tuesday s transactions The bank s Director Corporate Communications Department Isaac Okorafor made this known in a statement in Abuja on Tuesday Okorafor explained that the figure released by CBN on Tuesday indicated that hellip
CBN injects 0m into forex market

NNN: The Central Bank of Nigeria (CBN) has injected the sum of 210 million dollars into Nigerian Inter-Bank Foreign Exchange market following conclusion of Tuesday’s transactions.

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The bank’s Director, Corporate Communications Department, Isaac Okorafor, made this known in a statement in Abuja on Tuesday.

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Okorafor explained that the figure released by CBN on Tuesday indicated that the bank offered 100 million dollars to authorised dealers in the wholesale sector of the market.

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He said the Small and Medium Enterprise (SMEs) and the invisible segments were allocated the sum of 55 million dollars each.

He further stated that the management of apex bank remained particularly pleased with the prevailing stability in the Nigerian foreign exchange market.

The director reaffirmed the bank’s commitment to continue to boost inter bank foreign exchange market,  to ensure stability and availability to meet customers demand.

The Nigeria News Agency reports “that in the last intervention, the bank injected 284.2 million dollars and CNY36 million into the Retail Secondary Market Intervention Sales (SMIS), and in the spot and short tenured forwards segments of the foreign exchange market’’.

Meanwhile, the Naira on Tuesday, Aug. 6, exchanged at an average of N358 to a dollar in the Bureau De Change (BDC) segment of the market.

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Mustapha Sumaila

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