CBN Lifts Naira, Injects $195 Million Into Forex Market
The “Operation Crash the Dollar’ is still ongoing.
This is even as the Central Bank of Nigeria says it will remain unrelenting until the green back is finally brought at par with the naira.
On Monday, the apex bank injected another 195 million dollars into the various segments of the inter-bank Foreign Exchange (Forex) Market; ahead of Monetary Policy Committee’s (MPC) decision on Tuesday.
The Apex bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor, said this in a statement in Abuja.
According to Okorafor, the bank offered 100 million dollars of the sum to the wholesale interventions while 50 million dollars was offered to Small and Medium Enterprises (SME).
He said the invisible segment, comprising Business/Personal Travel Allowances, tuition and medical fees, received 45 million dollars.
Okorafor notes that the apex bank continues to intervene in the inter-bank sector, to ensure there is enough dollar in the market.
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“The CBN Management is quite pleased with the performance of the naira against other major currencies around the world, particularly now that the forex rates at both the inter-bank and BDC segments neared convergence,” Okorafor said.