CBN Injects Fresh $210m in Forex Market

The Central Bank of Nigeria (CBN) yesterday intervened in the interbank sector of the foreign Exchange market, injecting $210 million into the wholesale segment and other sectors of the market.

Figures released by the Bank indicated that the wholesale sector of the market got another injection of $100 million, while the small and medium enterprises (SMEs) and invisibles sectors each received $55 million.

The Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, said the forex interventions, in continuation of the Bank’s resolve, were aimed at sustaining the high level of stability in the Forex market and continually ease access to the currency by customers in the different sectors.

While lauding actors in various sectors of the forex market for the level of stability, in spite of activities of speculators, Okorafor assured that the CBN was ready to play its interventionist role in the market.

The CBN had in its last interventions earlier in December 2018, injected the sum of $299.82 million and CNY 143.60 million into the Retail Secondary Market Intervention Sales (SMIS).

Meanwhile, one United States Dollar (US$1) exchanged for N360 in the Bureau De Change (BDC) segment of the market yesterday.