Home LOCAL NEWS CBN Injects $210m Into Forex Market

CBN Injects $210m Into Forex Market

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The Central Bank of Nigeria (CBN) has injected the sum of 210 million dollars into the inter-bank Foreign Exchange Market after the transactions on Tuesday, July 30.

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja.

Okorafor explained that authorized dealers in the wholesale sector of the market received 100 million dollars, while the Small and Medium Enterprises (SMEs) and the invisible segments were allocated the sum of 55 million dollars each.

He said the efforts of the CBN had helped to ensure the stability of the Naira and also increased the level of investors and public confidence in the economy.

Focus Naija reports that CBN had in the last intervention on July 26, injected the sum of 284.2million dollars and CNY36million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on July 30 exchanged at an average of N358 to a dollar in the Bureau De Change (BDC) segment of the market.

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