CBN injects $210m forex market

The Central Bank of Nigeria (CBN), on Tuesday, intervened in the inter-bank sector of the Foreign Exchange market to the tune of $210 million.

The Acting Director, Corporate Communications Department of CBN, Mr. Isaac Okoroafor, said the intervention was in continuation of the bank’s commitment to maintain stability in the market and enhance production and trade.

According to him, the Wholesale sector of the market got a boost of $100 million, while the Small and Medium Enterprises (SMEs) and invisibles sectors were each offered $55 million.

Okoroafor said the monetary regulator was pleased with the cooperation by players in the inter-bank market, which he noted had enjoyed a great deal of stability following regular interventions by the CBN.

He further expressed optimism that the first Monetary Policy meeting (MPC) of the CBN slated for early next month would add positively to the monetary policy activities of the bank.

He, therefore, urged Nigerians to remain optimistic about the economic outlook for 2018, stressing that the CBN remain people-centred.

The CBN had on March 23 sustained its intervention in the foreign exchange market by injecting $339.89 million in the Retail Secondary Market Intervention Sales (SMIS) segment.