Naira may rise further against dollar as CBN pumps additional $195m

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The Central Bank of Nigeria (CBN), in continuation of its drive to ensure liquidity and stability in the foreign exchange (Forex) market, has injected 195 million dollars into various segments of the inter-bank foreign exchange market.

The acting Director, Corporate Communications, Isaac Okorafor in a statement on Monday in Abuja said that 100 million dollars was offered to authorised dealers in the wholesale window.

Similarly the Small and Medium Enterprises (SMEs) window was allocated the sum of 50 million dollars.

Also, those seeking forex for the purpose of business and personal travel, tuition and medical bills, among other invisibles, received the sum of 45 million dollars.

Okorafor said that the Bank’s continued intervention was aimed at strengthening the international value of the Naira, while ensuring accessibility to the greenback by customers who required it for genuine purposes.

The CBN in the last round of forex intervention in the inter-bank market on June 28, injected $195million to the wholesale, SMEs and invisibles segments of the market.

Recall that the Naira on Monday slightly appreciated against the dollar at the parallel market.

Naira gained two points to exchange at N365 to the dollar.

Pound sterling and the Euro traded at N465 and N412 respectively.

Trading at the interbank market saw the Naira closed officially at N305.95 to the dollar, while the pound sterling and the Euro closed at N397.12 and N349.22, respectively.

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