CBN injects $210m into forex market – Independent Observers

CBN injects $210m into forex market

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By Kunle Adedoyin

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

Isaac Okorafo, the bank’s Director, Corporate Communications Department, in a statement, said that authorised dealers in the wholesale sector of the market received $100 million, while the Small and Medium Enterprises (SMEs) and the invisible segments were allocated the sum of $55 million 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.

The News Agency of Nigeria (NAN) reports that CBN had in the last intervention on July 26, injected the sum of $284.2 million and CNY36 million 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.

(NAN)

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