CBN Injects Additional $250m into Forex Market

Obinna Chima
The Central Bank of Nigeria (CBN) on Monday continued its intervention in the interbank foreign exchange market to the tune of $250million in three segments of the market.

In the wholesale segment of the interbank forex market, it sold $100 million and also uplifted the small and medium enterprises (SMEs) and invisible segments, with the sum of $85 million and $65million respectively.

The acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, revealed that the Bank would pump even more liquidity into the market in the coming days, noting that the move by the CBN was necessary to enhance stability in the forex market.

He reiterated that in a bid to improve liquidity and ameliorate 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. He said further that the Bank has kept faith with its resolve to ensure that there is sustained liquidity to meet genuine requests for forex.

Meanwhile, the total turnover of $213.21 million was recorded on the Investors and Exporters’ forex window yesterday, just as the naira appreciated to N359.58 to the dollar on that segment of the market yesterday, stronger than the N361.13 to the dollar it was the previous day.
On the parallel market, the naira closed at N367 to the dollar yesterday.