CBN Stabilises Naira With $210 Million
The naira has remained stable at 360-naira per dollar over the past few weeks.
To keep it at that rate, or lower, the Central Bank of Nigeria, CBN on Tuesday injected another sum of $210 million into the interbank foreign exchange market.
The CBN said the new supply is part of efforts to ensure there is enough foreign exchange in the market to meet customers’ requests in various segments.
According to a statement, the apex bank offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment received the sum of $55 million.
It said customers requiring forex for invisibles such as tuition fees, medical payments and basic travel allowance were also allocated the sum of $55 million.
The Acting Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, reassured the public that the bank would continue to intervene in the interbank forex market in line with its quest to sustain liquidity in the market and maintain stability.
Last Friday, the CBN intervened to the tune of $318.73 million to cater for requests in the retail segment of the forex market.
The naira continued its stability in the forex market, exchanging at an average of 360-naira to the dollar in the BDC segment of the market on Tuesday, and stood at 305.750/$ in the official market.
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