FX Market Gets Fresh $210m Intervention

The Central Bank of Nigeria (CBN) on Tuesday injected the sum of $210 million into the interbank foreign exchange (FX) market to boost liquidity in the system.

The figures released by the Bank in Abuja indicated that it allocated the sum of $100 million to dealers in the wholesale sector, just as the Small and Medium Enterprises (SMEs) segment and invisibles each received the sum of $55 million.

Validating the releases, the Acting Director of Corporate Communications Department, at the Bank, Isaac Okorafor, said that the continued interventions in the interbank FX market was mainly to ensure sustained liquidity and stability in the market.

According to him, the interventions by the CBN had impacted the market positively and guaranteed a stable exchange rate for the naira, which has since stabilised the FX market.

He reiterated that the bank’s intervention moves had also seen to a reduction in the country’s import bills and accretion to its foreign reserves.