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CBN Injects $195m Into Foreign Exchange Market

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The Central Bank of Nigeria (CBN) has injected $195m into the inter-bank foreign exchange (Forex) Market as it continues to lift the naira against other major currencies.

The apex court’s spokesman, Isaac Okorafor, said in a statement that the bank offered 100 million dollars to authorised dealers in the wholesale segment of the market.

He said the Small and Medium Enterprises (SMEs) segment received 50 million dollars while those requiring forex for tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received 45 million dollars.

According to Okorafor, the bank is confident that the level of transparency it had entrenched in the market will help the Naira to sustain its steady run against the dollar.

He further said it would also strengthen the naira against other major currencies around the world.

Okorafor said the market would remain very stable as long as every player sticked to the forex guidelines.

The CBN last week intervened in the various segments of the Forex market with 195 million dollars.

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N360 per dollar in the BDC segment of the market on Monday, Oct. 23, 2017.



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