CBN strengthens naira, injecting $195m into forex market

The Central Bank of Nigeria (CBN) on Monday continued its sustenance of foreign exchange liquidity in the market by injecting another $195 million through the inter-bank segment.

The action helped the currency to maintain its strength against its International counterparts.

Figures released by the apex bank show that it offered the total sum of $100 million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisible segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.

The Bank’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor, said that the intervention was in line with the CBN’s continual determination to ensure FOREX liquidity and satisfy legitimate demand.

Okorafor assured that the Bank will continue to intervene in the nation’s FOREX market in order to sustain the liquidity in the market and guarantee the international value of the Naira.

Also on Monday, the Naira exchanged at an average of N363/$1 in the BDC segment of the market on Monday, November 13, 2017, maintaining its stability in the forex market.