CBN Injects Fresh $210m Into Forex Market

The Central Bank of Nigeria, CBN, has injected a fresh $210 million in the inter-bank foreign exchange market. Figures released by the CBN indicated that the authorized dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium Enterprises (SMEs) and invisibles segments were allotted the sum…”
Yusuf
November 14, 2018 1:07 pm

The Central Bank of Nigeria, CBN, has injected a fresh $210 million in the inter-bank foreign exchange market.

Figures released by the CBN indicated that the authorized dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium Enterprises (SMEs) and invisibles segments were allotted the sum of $55 million each.

The Bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor assured that the CBN would continue to sustain liquidity in the forex market.

He also expressed optimism that the Naira will continue its strong run against the dollar and other major currencies around the world, considering the stability in the market and robust reserves.

CBN had on Friday, November 2, 2018, made interventions to the tune of $337.16million in the retail Secondary Market Intervention Sales (SMIS) and CNY 56.17million in the spot and short-tenored forwards segment of the foreign exchange market.

Meanwhile, the Naira on Tuesday, November 13, 2018 exchanged at an average of N360/$1 in the BDC segment of the market.

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