Naira Stabilizes As CBN Injects Another $210million Into Forex Market

Naira Stabilizes As CBN Injects Another $210million Into Forex Market

The Central Bank of Nigeria (CBN), on Tuesday injected $210 million into the inter-bank Foreign Exchange market to meet customers’ requests in various segments of the market.



The CBN acting Director, Corporate Communications, Isaac Okoroafor, said that the CBN offered $100 million to authorised dealers in the wholesale segment of the market.

Mr Okoroafor said also the Small and Medium Enterprises (SMEs) segment got $55 million while another 55 million dollars was allocated for tuition fees, medical payments and Basic Travel Allowance (BTA).

He said the apex bank would continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

According to him, the CBN will not renege on its promise to manage the foreign exchange market with a view to reducing the country’s import bills and halt the depletion of its foreign reserves.

It will be recalled that on July 3, the CBN intervened to the tune of $210 million to cater for requests in the wholesale segment of the market.

Meanwhile, the naira continued its stability in the foreign exchange market, exchanging at an average of N360 to a dollar in the Bureau De Change segment of the market.