CBN injects $210 million into foreign exchange market

The Central Bank of Nigeria (CBN) has sustained its intervention in the Inter-Bank Foreign Exchange Market by injecting $210 million into the various segments of the market.

The Director, Corporate Communications, CBN, Isaac Okorafor, on Tuesday in Abuja, said the apex bank offered $100 million as wholesale interventions and allocated $55 million to Small and Medium Enterprises.

Mr Okorafor said another $55 million was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees, among others.

The CBN spokesperson said the bank was pleased with the performance of the naira because it had continued to enjoy stability against the dollar and other major currencies of the world in recent times.

He reassured the public that the CBN would continue to intervene in the interbank foreign exchange market to ensure liquidity in the foreign exchange market and maintain stability.

News Agency of Nigeria (NAN) recalls that the CBN on September 11 injected $303.91 million and 46.58 million Chinese Yuan into the Spot and Short-tenored Forwards segment of the Inter-Bank Foreign Exchange Market.

Meanwhile, the naira on Tuesday exchanged for N361 to a dollar in the Bureau De Change segment of the market in Abuja.

(NAN)

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