The Central Bank of Nigeria, on Tuesday, injected the sum of $205 million into the inter-bank foreign exchange market in its continued push to sustain liquidity.
Figures obtained from the CBN indicated that authorised dealers in the
wholesale segment of the market were offered the sum of $100m, while
the Small and Medium Enterprises segment received the sum of $55m.
The sum of $50m was allocated to customers requiring forex for
invisibles such as tuition fees, medical payments and basic travel
allowance, among others.
The Director, Corporate Communications Department, CBN, Mr Isaac
Okorafor, said that the bank’s effort had helped to guarantee
stability in all the exchange rate windows.
He noted that the dogged implementation of the country’s forex
restriction to some 43 items had boosted activities in the industrial
sector.
He also noted that the move had equally increased the level of
confidence investors and the public had in the naira.
Recall that at the last intervention, the bank injected the sum of
$268.6m and CNY29.2m into the Retail Secondary Market Intervention
Sales segment.
Meanwhile, the naira on Tuesday exchanged at an average of N361/$1 in
the Bureau De Change segment of the market.
