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Sustaining its naira intervention policy, CBN injects $250m into FX market

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CBN sanctions 12 banks for forex abuse

The Central Bank of Nigeria (CBN) has, in continuation of its naira intervention policy, injected $250m into the interbank foreign exchange market.

Isaac Okorafor, Acting Director, Corporate Communications Department, CBN, in giving the breakdown of the intervention, stated that the apex bank sold $100m and bolstered the Small and Medium Enterprises (SMEs) and invisible segments, with $85m and $65m respectively.

Okorafor said that the apex bank would seek to increase liquidity in the market through more intervention in the coming days, noting that the move was necessary to enhance stability in the foreign exchange market.

Read also: Experts caution, ‘A devaluation in the naira is a key risk to external debt sustainability’

He observed that in order to improve liquidity and reduce the challenges encountered by critical stakeholders at this time of the year, the bank had ensured that pressures on the market from those seeking forex for school fees and vacations were eased.

Okorafor further stated that the bank had maintained its resolve to continue to ensure that there was sustained liquidity to meet genuine requests for foreign exchange.

 

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