Nigeria’s central bank promised to defend the naira at all cost. And it made good on that promise by ploughing no less than $39.9 into foreign exchange market between January and December 2018.

The figure was contained in the fourth quarter economic report of the CBN which analysed foreign exchange injection into the economy within the period.

The CBN usually intervenes in the foreign exchange market by injecting dollars about three times a week.

The intervention is provided to authorised dealers in the wholesale segment of the market, as well as other sectors of the economy such as agriculture, manufacturing and Small and Medium Enterprises segment.

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Customers that required foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance, among others, are also allocated funds from the intervention.

Recall that the naira came under severe pressure after the oil price crash of 2016, forcing the apex bank to step to save the local currency from total collapse.

The CBN has since then sustained its weekly intervention which has propped up significantly the value of the naira.

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