CBN injects another $195m into FX market

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In continuation of its efforts to sustain forex liquidity in the system, the Central Bank of Nigeria (CBN) yesterday injected another $195 million into the inter-bank Foreign Exchange Market, even as the naira maintained its strength against the dollar.

Figures released by the apex bank show that it offered the total sum of $100million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million.

The invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million. CBN’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said yesterday that the intervention is in line with the CBN’s continual determination to ensure Forex liquidity and satisfy legitimate demand.

Mr. Okorafor gave assurance that the banking watchdog will continue to intervene in the nation’s forex market in order to sustain the liquidity in the system and guarantee the international value of the naira. Meanwhile, the naira exchanged at an average of N363/$1 in the Bureaux De Change (BDC) segment of the market yesterday, the same rate it exchanged at on the parallel market.

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