Categories: MoneyMarket

Naira maintains stability as CBN injects $210 into FX market

The Central Bank of Nigeria (CBN) has pumped $210 into the market to boost the inter-bank Foreign Exchange.

The Bank again on Tuesday offered the sum of $100 million to authorized dealers in the wholesale segment of the market.

The Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million while the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).

The Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said that the bank has the capacity to continue to sustain the foreign exchange intervention.

Okorafor urged authorized dealers to help sustain the confidence in the foreign exchange market by continuing to honour requests from customers with genuine needs.

It will be recalled that the Central Bank of Nigeria last Friday, May 4, 2018 intervened in the Secondary Market Intervention Sales (SMIS) to the tune of $349.34m.

Meanwhile, the Naira has continued to maintain its stability in the FOREX market, exchanging at an average of N362/$1 in the BDC segment of the mark.

Kudirat Bukola

Recent Posts

Delta Assembly tasks Auditor-General on management of funds accruing to state

By Mercy Obojeghren Asaba, Nov. 25, 2020 The Delta House of Assembly has directed the…

3 hours ago

Modular refineries will make petroleum products available, eliminate importation – Buhari

By Ismaila Chafe Abuja, Nov. 25, 2020 President Muhammadu Buhari said in Abuja on Tuesday…

3 hours ago

Bayelsa Govt. urges FG to correct oil industry mistakes at 5th National Council on Hydrocarbons

By Shedrack Frank Yenagoa, Nov. 25, 2020 The Bayelsa Government has cautioned the federal government…

3 hours ago

Tankfarm operators fault LASG’s claim of non-payment of taxes

By Solomon Asowata Lagos, Nov. 25, 2020 The Ijegun-Egba Tankfarm Owners and Operators Association, has…

3 hours ago

Traditional ruler charges Seplat Petroleum to increase investments in host communities

By Deborah Coker Oben (Edo), Nov. 21, 2020 A traditional ruler in Edo, King Odoligie…

3 hours ago

Buhari never controls NNPC operations – Kyari

By Edith Ike-Eboh Abuja, Nov. 25, 2020 The Group Managing Director of the Nigerian National…

3 hours ago