CBN injects $210 million into foreign exchange market

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

Isaac Okorafor, CBN Director, Corporate Communications, made this known in a statement on Tuesday in Abuja.

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

He said that another $55 million 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.

Mr 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.

Meanwhile, 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.

(NAN)

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News Agency of Nigeria (NAN) is a news reporting agency owned and run by the Federal Government of Nigeria just like Nigerian Television Authority.[1] On 10 May 1976 the agency was founded and established by Onitsha noble Onuora Nzekwu who was its first official Managing Director and Chief Editor. On 2 October 1978 its operations began.[2][3] NAN provides General News Service to subscribers in three bulletins published daily. The agency’s website www.nan.ng was launched on 8 August 2016, to offer news to the worldwide audience interested in news primarily about Nigeria, Africa’s most populated country. The current Managing Director of NAN is Bayo Onanuga.

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