CBN Injects $326 Million Into FOREX Market
The Naira’s good fortunes cannot be separated from the Central Bank of Nigeria, CBN’s constant intervention, making sure there is enough dollars in the market for those who need it.
Again, on Friday, the apex bank said it injected $325.64 million into the interbank foreign exchange market as part of efforts to reduce dollar shortages.
The central bank, in an emailed statement, said the $325.64 million was specifically earmarked for the agricultural, airline and petroleum products sectors, as well as raw materials and machinery.
The bank also said it has enough dollars in its reserves to maintain the international value of the naira as well as “guarantee access to forex by those requiring it to meet genuine needs”.
Nigeria’s foreign exchange reserves stood at $40.56 billion as of January 29, up 4.6% from a month earlier.
More so, successful debt sales, including multiple Eurobond offerings last year, have helped the government accrue billions of dollars in foreign reserves.
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