CBN Injects $210 Million Into Foreign Exchange Market
The Central Bank of Nigeria (CBN) has injected 210 million dollars into the inter-bank Foreign Exchange Market to boost liquidity in the system.
The acting Director, Corporate Communications, Mr Isaac Okorafor, in a statement in Abuja, said the CBN allocated 100 million dollars to dealers in the wholesale sector.
He said also the Small and Medium Enterprises (SMEs) segment and invisibles received 55 million dollars each.
‘‘The continued interventions in the interbank foreign exchange market was mainly to ensure sustained liquidity and stability in the market, ‘‘ Okorafor, said
According to him, the interventions by the CBN had impacted the market positively and guaranteed a stable exchange rate for the Naira, which has since stabilised the foreign exchange market.
He reiterated that the Bank’s interventions had reduced the country’s import bills and led to accretion to its foreign reserves.