Friday, May 14, 2021

CBN injects $210m into foreign exchange market


Jaafar Jaafar
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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The Central Bank of Nigeria, CBN, on Tuesday injected 210 million dollars into the inter-bank Foreign Exchange Market to sustain liquidity.

The CBN’s acting director of Corporate Communications, Isaac Okorafor, said in Abuja that the apex bank offered 100 million dollars to authorised dealers at the wholesale segment of the market.

He said the Small and Medium Enterprises segment received 55 million dollars, while customers requiring foreign currencies for tuition, medical payments and travels were allocated 55 million dollars.

Mr Okorafor said the CBN would continue to intervene in the inter-bank foreign exchange market in line with its desire  to sustain liquidity in the market and maintain stability.

The News Agency of Nigeria reports that on June 29, the CBN had intervened to the tune of 318.73 million dollars  to cater for demands in the foreign exchange market.

Meanwhile, the naira has continued its stability in the foreign exchange  market, exchanging at an average of N360.50 to  one dollar at the Bureau de Change segment of the market.


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