CBN Boosts Foreign Exchange Market With $195 Million
At the moment, Nigeria is almost achieving currency convergence after the naira suffered a brutal setback earlier in the year, thanks to consistent Central Bank of Nigeria, CBN intervention.
On Tuesday, the CBN again intervened injecting $195 million into the interbank foreign exchange market, extending efforts to increase dollar supply and ensure there is no dollar shortages in the market.
The bank said in a statement it had released $100 million earmarked for the wholesale market, $50 million for small businesses and individuals, and $45 million for certain dollar expenses such as school fees and medical bills.
The bank will continue to intervene in the foreign exchange market to sustain liquidity, the statement said.
But this is despite the International Monetary Fund, IMF warning that Nigeria will face the consequences of Central Bank of Nigeria's intervention in the foreign exchange market.
Meanwhile, the naira, on Tuesday, exchanged at an average of 363 naira to a dollar in the black-market segment.
While it also exchanged for 420 naira to one Euro and 475 naira to one Pounds Sterling.
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