CBN injects another $200m into FOREX market

The Central Bank of Nigeria (CBN) has injected another $210 million into the foreign exchange market in continuation of its intervention in the Inter-Bank Foreign Exchange Market.

According to the CBN Director, Corporate Communications, Mr. Isaac Okoroafor, in a statement in Abuja on Tuesday, the apex bank offered $100m as wholesale interventions and allocated $55m to Small and Medium Enterprises, while another $55m was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees.

He explained that Tuesday’s interventions were in continuation of the bank’s resolve to sustain the high level of stability in the foreign exchange market and also to continue to ease access to the currency by customers in different sectors.

Okoroafor 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.