CBN Strengthens The Naira With $210 Million
The Central Bank of Nigeria, CBN on Tuesday boosted the naira by injecting $210 million into the interbank foreign exchange market.
This is an extension of efforts to make the green back available and alleviate dollar shortages.
The bank said in a statement by its spokesperson, Isaac Okoroafor, that it had released $100 million earmarked 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.
It said it was “ready
to inject funds into the market, whenever and wherever necessary, in order to
maintain market stability as well as sustain the financial system”.
Speaking further, Okorafor said the country’s reserves continued to enjoy accretion, adding that the present reserves status at the bank meant that the CBN was capable of sustaining foreign exchange liquidity in the system.
The CBN in its last interventions on Friday injected the sum of $396.18 million into the Retail Secondary Market Intervention Sales.
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