CBN boosts foreign exchange market with $210m injection

The Central Bank of Nigeria (CBN) has injected 210 million dollars into the various segments of the market to sustain its intervention in the Inter-Bank Foreign Exchange Market.

CBN’s Director, Corporate Communications, Mr Isaac Okorafor, made this known in a statement on Tuesday

Okorafor said that the apex bank offered 100 million dollars as wholesale interventions and allocated 55 million dollars to Small and Medium Enterprises (SMEs).

He said that another 55 million dollars was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees.

The director explained that the Tuesday’s interventions were in continuation of the bank’s resolve to sustain the high level of stability in the foreign exchange market.

According to him, it is also to continue to ease access to the currency by customers in different sectors.

Okorafor said the CBN was optimistic that the Naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.

In a related development, in spite of election activities, the Naira continues to maintain its stability in the foreign exchange market, exchanging at an average of N356 to a dollar at the Bureau de Change segment.