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Naira Stabilises As CBN Injects Fresh $285.7m Into FOREX Market

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) on Friday, injected a fresh $285,759,449.10 into four different sectors of the Inter-Bank Foreign Exchange Market.

It is understood that the sectors include agricultural, airlines, petroleum and raw materials while the apex Bank explained that the development was aimed to meet requests in four sectors of the economy.

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Confirming the figures, the Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the releases underlined the high levels of transparency of the Bank in Foreign Exchange Management.

According to him, the CBN would continue to play its role in easing the foreign exchange pressure on manufacturing and agricultural sectors through sales under the new flexible Foreign Exchange regime.

On Monday, the CBN, as part of its weekly intervention, had injected the sum of $195 million into the interbank foreign exchange (forex) market.

Okorafor, who confirmed the figures said the Bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $50 million.

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The sum of $45 million was allocated to tuition fees, medical payments and Basic Travel Allowance (BTA), Okorafor said.

Meanwhile, the Naira continued to maintain its stability in the FOREX market, on Friday, exchanging at an average of N360/$1 in the BDC segment of the market.

About kenvibes

Mr. ken is a Tech, Movie (Sci-Fi), Sports and Programming Freak. An eccentric Computer and Electronics Engineer smouldered in the glorious epiphany of online journalism

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