CBN’s injection of $195m into forex market strengthens naira

CENTRAL Bank of Nigeria has on Monday continued its sustenance of foreign exchange liquidity in the market by injecting another $195 million through the inter-bank segment.

The action helped the currency to maintain its strength against its International counterparts.

The $195 million intervention was made on Monday, November 13, 2017.

Figures released by the Bank show that it offered the total sum of $100million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisible segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.

The Bank’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor, said yesterday that the intervention is in line with the CBN’s continual determination to ensure FOREX liquidity and satisfy legitimate demand.

Mr Okorafor assured that the Bank will continue to intervene in the nation’s FOREX market in order to sustain the liquidity in the market and guarantee the international value of the Naira.

Meanwhile, the Naira exchanged at an average of N363/$1 in the BDC segment of the market on Monday, November 13, 2017, maintaining its stability in the FOREX market.