CBN injects $210 million in interbank forex market

The Nigerian Inter-bank foreign exchange market received another boost of 210 million dollars from the Central Bank of Nigeria (CBN) after transactions on Tuesday, July 23.

Isaac Okorafor, the CBN Director, Corporate Communications Department, said this in a statement in Abuja on Wednesday.

Mr Okorafor said that the authorised dealers in the wholesale sector of the market received 100 million dollars, while the Small and Medium Enterprises (SMEs) and the Invisibles segments were allocated 55 million dollars each.

He said the CBN remained pleased with the prevailing stability in the Nigerian foreign exchange market, adding that the CBN would continue its intervention in the foreign exchange market to ensure liquidity, stability and meet customers’ demand.

He said at the last trading, “The sum of 298.7 million dollars and CNY 39.6 million were injected into the Retail Secondary Market Intervention Sales (SMIS) and in the spot and short tenure forwards segments of the foreign exchange market.”

“The naira on Wednesday, July 24, exchanged at an average of N357 to a dollar in the Bureau De Change (BDC) segment of the market”

NAN reports that the last Monetary Policy Committee (MPC) meeting, held on Monday welcomed the continued stability in the foreign exchange market and the steady accretion to the country’s external reserves.