CBN injects another $210m into forex market

The Central Bank of Nigeria, CBN, on Tuesday, injected another $210 million into the foreclosure market in a bid to keep the current stability of the naira.

This is coming after the apex bank injected the same amount last week into the market.

The bank intervened in the wholesale segment of the foreign exchange market, offering the sum of $100 million to dealers in that window and $55 million each in the small and medium scale enterprises (SMEs) and invisibles segments to meet the needs of customers.

Read also: States received N1.23trn, generated N579bn in six months —NBS

Speaking on the latest intervention, the Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, assured of the Bank’s continued mediation in the interbank foreign exchange market in order to guarantee stability.

The naira has also continued its stable run against the United States dollars on Tuesday, exchanging at an average of N362/$1 in the BDC segment of markets across Lagos and Abuja.

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