Central Bank injects another $195 million into Forex market


The Central Bank of Nigeria on Monday injected another $195 million into the various segments of the inter-bank Foreign Exchange (Forex) market ahead of Monetary Policy Committee, MPC, decision.

Isaac Okorafor, the bank’s Acting Director in charge of Corporate Communications, said this in a statement in Abuja.

Read also:CBN Injects $418m Into Forex Market

According to Mr. Okorafor, the bank offered $100 million of the sum to the wholesale interventions while $50 million was offered to the Small and Medium Enterprises, SMEs.

He said the invisible segment, comprising business/personal travel allowances, tuition and medical fees, received $45 million.

According to Mr. Okorafor, the apex bank has continued to intervene in the inter-bank sector, to ensure adequate liquidity in the market.

He said “the CBN Management is quite pleased with the performance of the naira against other major currencies around the world, particularly now that the forex rates at both the inter-bank and BDC segments neared convergence.”

He expressed optimism that the bank’s intervention had put a check on the activities of speculators.

He also underscored the determination of the CBN in sustaining stability in the forex market through monitoring of authorised dealers, to reduce sharp practices.

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N363 to the dollar in the BDC segment of the market on Monday.