CBN injects fresh $195m into forex market

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The Central Bank of Nigeria on Monday continued its sustenance of foreign exchnage liquidity by injecting another $195 million into the inter-bank Foreign Exchange Market, even as the Naira maintains its strength.

Figures released by the 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 invisibles 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 yesterday that the intervention is in line with the CBN’s continual determination to ensure FOREX liquidity and satisfy legitimate demand.

Mr. 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.

Meanwhile, the Naira exchanged at an average of N363/$1 in the Bureau De Change (BDC) segment of the market on Monday, November 13, 2017, maintaining its stability in the FOREX market.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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