Naira Remains Stable As CBN Injects $195 Million Into FX Market
The Central Bank of Nigeria, CBN has almost succeeded in reviving the fortunes of the Nigerian currency, the naira.
On Monday, the CBN continued its practice of making sure there is enough dollar in the market by injecting another $195 million into the inter-bank foreign exchange market.
This is even as the naira maintained its strength, trading at 363 naira to one dollar.
Figures released by the bank showed that it offered the sum of $100 million to the wholesale segment, while the Small and Medium Enterprises, SME segment received the sum of $50 million.
On the other hand, the invisibles segment comprising tuition, medical payments and basic travel allowance received $45 million.
The bank’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, said in a statement that the intervention was in line with the CBN’s continual determination to ensure forex liquidity and satisfy legitimate demands.
Okorafor said the bank would continue to intervene in the nation’s forex market in order to sustain the liquidity in the market and guarantee the international value of the naira.
Analysts believe that the naira is expected to remain stable across its multiple exchange rates this week as the CBN continues to intervene and maintain tight money market liquidity to lure foreign inflows to support the currency.
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