CBN injects $210m into Foreign Exchange Market

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The Central Bank of Nigeria (CBN) has injected 210 million dollars into the various segments of the market to sustain its intervention in the Inter-Bank Foreign Exchange Market.

The CBN Director, Corporate Communications, Mr Isaac Okorafor made this known in a statement on Tuesday in Abuja.

Mr Okorafor revealed that the apex bank offered 100 million dollars as wholesale interventions and allocated 55 million dollars to Small and Medium Enterprises (SMEs).

He further said that another 55 million dollars was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees.

The director explained that the Tuesday’s interventions were in continuation of the bank’s resolve to sustain the high level of stability in the foreign exchange market.

According to him, it is also to continue to ease access to the currency by customers in different sectors.

Okorafor 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.

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