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    Nigeria: Central bank pumps $210m into forex market

    APA-Abuja (Nigeria)

    The Central Bank of Nigeria (CBN) has sustained its intervention in the inter-bank foreign exchange market by injecting $210 million into the various segments of the market.

    The Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor, said in Abuja that the apex bank offered $100 million as wholesale interventions and allocated $55 million to Small and Medium Enterprises.

    Okorafor said another $55 million was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees, among others.

    The CBN spokesman said the bank was pleased with the performance of the naira because it had continued to enjoy stability against the dollar and other major currencies of the world in recent times.

    He reassured the public that the CBN would continue to intervene in the interbank foreign exchange market to ensure liquidity in the foreign exchange market and maintain stability.

    Okoroafor reiterated in a statement that the steps taken by the CBN in foreign exchange management had resulted in further reduction in the country’s import bills and accretion to its foreign reserves.

    It will be recalled that the CBN on August 10, intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of 327 million dollars in the agricultural and raw materials and 69 million Chinese Yuan in the spot and short-tenored forwards.

    Meanwhile, the naira continued to maintain its strong stand against major currencies around the globe, exchanging for N360 to a dollar in the Bureau De Change segment of the market.


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