CBN injects $210m into FOREX market

African Finance ministers, Central Bank governors meet in Abuja on Monday

The Central Bank of Nigeria (CBN) has continued its intervention in the Inter-Bank Foreign Exchange Market by injecting $210 million into the various segments of the market.

The CBN Director of Corporate Communications, Mr Isaac Okorafor, who made the disclosure in Abuja, said the apex bank offered $100 million as wholesale interventions and allocated $55 million to Small and Medium Enterprises.

The spokesman revealed that another $55 million was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees, among others.

Okorafor said the bank was pleased with the performance of the naira because it had continued to enjoy stability against the dollar and other major currencies of the world in recent times.

He gave reassurance that the public that the CBN would continue to intervene in the interbank foreign exchange market to ensure liquidity in the foreign exchange market and maintain stability.

The director also spoke on the Bank’s restriction of access to foreign exchange for some 42 items, saying that the policy would continue, particularly as it was greatly boosting local production of items on the list.

He disclosed that the Economic Intelligence Unit of the CBN was working closely with relevant government agencies to checkmate any attempt to flout the policy.

Meanwhile, the naira on Tuesday exchange for N358 to a dollar at the Bureau De Change segment of the market. 

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