Again, CBN Injects 195 Million Into FOREX Market
The Central Bank of Nigeria, CBN is closing in on the US dollar in its bid to make the naira stronger.
On Monday, the apex bank injected 195 million dollars into the inter-bank Foreign Exchange Market to ensure adequate supply of the green back.
Mr Isaac Okorafor, the Bank’s Acting Director in charge of Corporate Communications said in a statement in Abuja that that the bank offered 100 million dollars to authorized dealers in the wholesale segment of the market.
He said the Small and Medium Enterprises (SMEs) segment received 50 million dollars while those requiring forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received 45 million dollars.
According to Okorafor, the bank is confident that the level of transparency it had entrenched in the market will help the Naira to sustain its steady run against the dollar.
He further said it would also strengthen the naira against other major currencies around the world.
He said the market would remain very stable as long as every player plays by the rules.
Recall that the CBN last week intervened in the various segments of the Forex market with 195 million dollars.
Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at 360 naira to the dollar on Monday at the parallel market.
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