CBN Injects $250m Into Forex Market

The Central Bank of Nigeria on Monday intervened with another sum of $250m in the foreign exchange market

The regulator said in a statement that the move was meant to keep the inter-bank foreign exchange market liquid.

A breakdown of Monday’s intervention indicated that the wholesale sector was offered the sum of $100m, just as the Small and Medium Enterprises window received a boost of $80m.

Those requiring foreign exchange to address needs such as Business/Personal Travel Allowances, school tuition, medicals, among others, were allotted the total sum of $70m.

The bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor, said the interventions had ensured stability in the market, even as he stressed that the CBN remained committed to maintaining transparency in the market.

According to him, CBN has taken measures to check the activities of speculators and shield the currency from attacks, while also maintaining the international value of the naira.

The CBN last week assured customers of adequate foreign exchange in the market, dispelling fears of a scarcity of foreign exchange in the Nigerian forex market.

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