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CBN injects $210M into Forex market, Naira stands at 361 against 1 dollar

By NewsDesk,

As part of continuous measure toward having stabilized Forex, the Central Bank of Nigeria (CBN) has has injected 210 million dollars in to foreign exchange market so as to meet up with Nigerians request and of various purposes.

Meanwhile, Naira, as at yesterday, was exchanged for N361 to a dollar from Bureau De Change segment of the market

The Acting Director, Corporate Communications, Mr Isaac Okoroafor, confirmed that the apex bank offered 100 million dollars to authorised dealers in the wholesale segment of the market.

 

Through a statement in Abuja, Okoroafor disclosed that the Small and Medium Scale Enterprises (SMEs) segment received 55 million dollars, while another 55 million dollars was apportioned to invisible, such as tuition fees, medical payments and Basic Travel Allowance (BTA).

The bank’s head reassured public that CBN would continue to intervene in the interbank foreign exchange market, in line with its determination to sustain liquidity in the market and maintain stability.

He said further that the steps taken so far by the bank in the management of foreign exchange had paid off, as reflected by reductions in the country’s import bills and accretion to its foreign reserves.

 

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