CBN Injects Fresh $210m Into Forex Market

Various segments of Nigeria’s inter-bank foreign exchange market received a combined sum of $210 million from the Central Bank of Nigeria (CBN) on Tuesday.

This was according to CBN’s Director of Corporate Communications, Isaac Okorafor, who stated this in a statement today.

According to Okorafor, “the CBN injected the sum of $100 million in the wholesale segment of the market in addition to the sum of $55 million each in the Small and Medium Enterprises (SMEs) and invisibles sectors.

The CBN Communications Director added that, “the Bank was unrelenting in its resolve to sustain liquidity in the forex market as well as maintain stability there.

He restated CBN’s commitment to maintain its forex intervention at the inter-bank market so as ensure that the Bank meets the requests of genuine customers in the various windows of the market.

Speaking further, Mr Okorafor said the bank’s restriction of forex on 42 foreign items would persist as the policy has helped to boost the production of such items locally.

He said, “the Economic Intelligence Unit of the CBN was working closely with relevant government agencies to checkmate any attempt to flout the policy.”

Okorafor also disclosed that as of Tuesday, the United States dollar exchanged at the rate of US$1 for N358 in the Bureau De Change (BDC) segment of the market.