CBN Injects $210 Million Into FX Market
Nigeria’s currency, the Naira is doing well.
It has been steady at 363 naira per dollar at the parallel market for the past few weeks - thanks to the consistent intervention of the Central Bank of Nigeria, CBN.
On Tuesday, the apex bank continued its intervention, injecting a total of 210 million dollars into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
The bank said, in a statement, it had released 100 million dollars earmarked for the wholesale market, 55 million dollars for small businesses and individuals, and 55 million dollars for certain dollar expenses such as school fees and medical bills.
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This intervention had an almost immediate effect as banks traded dollars at 314.50 naira on interbank market on Wednesday.
Nigeria’s foreign exchange market saw transactions worth $1.34 million at its interbank window on Wednesday at a rate of 314.50 naira per dollar, as commercial banks traded the local currency at below the Central Bank rate.
The Central Bank has used a rate of around 306 to supply dollars to banks since it introduced a multiple exchange rate system in February.
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