CBN Boosts Naira With $210 Million Injection Into FOREX Market
Nigeria’s local currency, the naira, has been on the stable path since the CBN ramped up its interventions in the foreign exchange market.
On Monday, the naira recorded a small gain at the parallel market, closing at 363-naira dollar, up from 364-naira per dollar on Friday last week.
The local currency has been hovering between 362/dollar and 365/dollar in recent weeks.
To sustain the gain, the Central Bank of Nigeria, CBN injected 210 million dollars into the inter-bank Foreign Exchange Market to ensure availability and meet customers’ requests in various segments of the market.
Giving a breakdown of the amount, the acting Director, Corporate Communications, Isaac Okorafor, said in Abuja on Monday that the wholesale segment of the market received 100 million dollars, while Small and Medium Enterprises segment received 55 million dollars.
Okorafor said customers requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance, among others, were also allocated 55 million dollars.
He told the public that the bank would continue to intervene in the interbank foreign exchange market to ensure there is always enough dollars.
Okoroafor added that the steps taken so far by the apex bank in the management of foreign exchange market have paid off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves.
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