30 January 2018

Nigeria: CBN Injects Additional $210m Into Forex Market

The Central Bank of Nigeria (CBN) on Monday sustained its intervention in the foreign exchange (forex) market by injecting another sum of $210 million into various segments of the interbank market.

At Monday's trading, the CBN offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55 million to the small and medium scale enterprises (SMEs) forex window. Customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others, equally got an allocation of $55 million.

The acting Director, Corporate Communications Department, at the Bank, Isaac Okorafor, confirmed the sales, reiterating that the Bank would sustain its interventions in the foreign exchange market.

He expressed optimism that the value of the naira will continue to spike in the face of accretion to the foreign reserves and the attendant reduction in the country's import bill.

While also attributing the stability in the market to the Bank's transparency and cooperation of authorised dealers, he urged all dealers to continue to play by the rule, as the CBN would not hesitate to sanction any erring bank or dealer.

Meanwhile, the naira continued to maintain its stable run against major currencies around the globe, exchanging for N362/$1 on the BDC segment of the market yesterday.

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