CBN boosts foreign exchange market with $210m



By Chioma Obinagwam

In another round of intervention, the Central Bank of Nigeria (CBN) on Tuesday injected 210 million dollars into the Inter-bank Foreign Exchange Market to boost liquidity in the system.

The acting Director, Corporate Communications, Mr Isaac Okorafor, in a statement in Abuja, said the CBN allocated 100 million dollars to dealers in the wholesale sector.

He said also the Small and Medium Enterprises (SMEs) segment and Invisibles received 55 million dollars each.

Okorafor said the continued interventions in the interbank foreign exchange market was mainly to ensure sustained liquidity and stability in the market.

According to him, the interventions by the CBN had impacted the market positively and guaranteed a stable exchange rate for the Naira, which has since stabilised the foreign exchange market.

He reiterated that the Bank’s interventions had reduced the country’s import bills and led to accretion to its foreign reserves.

Meanwhile, the naira exchanged at N362 to a dollar in the Bureau De Change segment of the market.

Leave a comment

Previous articleApril 2018: Forex market records $2.20bn decline in transactions value


Loading...
view more articles

About Article Author

Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design & development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

View More Articles

100 Most Popular News

1 2 Displaying 1 - 100 of 197

Subscribe to comments feed Comments (0 posted)

total: | displaying:

Post your comment

  • Bold
  • Italic
  • Underline
  • Quote

Please enter the code you see in the image:

Captcha