CBN Injects $210 Million Into Foreign Exchange Market
The Central Bank of Nigeria, CBN is making good on its promise to keep intervening in the foreign exchange market.
On Tuesday, the apex bank injected $210 million into the interbank foreign exchange market.
The bank said in a statement it had released $100 million for the wholesale market, $55 million for small businesses and individuals, and $55 million for certain dollar expenses such as school fees and medical bills.
The Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, restated the bank’s resolve to always meet the request of genuine customers in the various segments of the market.
Recall that on Friday the bank injected $289.76 million into retail Secondary Market Intervention Sales and CNY38.70 million into the spot and short-tenored forwards of the inter-bank foreign exchange market.
Meanwhile, the naira on Tuesday continued to exchange at an average of N360/$1 in the Bureau De Change segment of the market.
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