CBN lifts Forex market with fresh injection of $210m

The Central Bank of Nigeria (CBN) in its latest round of intervention, has injected the sum of $210 million in the inter-bank foreign exchange market.

Figures obtained from the CBN on Tuesday indicated that the authorized dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium Enterprises (SMEs) and Invisibles segments were allotted the sum of $55 million each.

The Director, Corporate Communications Department, Mr. Isaac Okorafor, assured that the CBN would continue to sustain liquidity in the forex market.

Okorafor also expressed optimism that the Naira will continue its strong run against the dollar and other major currencies around the world, considering the stability in the market and robust reserves.

The CBN had on Friday, made interventions to the tune of $337.16million in the retail Secondary Market Intervention Sales (SMIS) and CNY 56.17million in the spot and short-tenored forwards segment of the foreign exchange market.

Meanwhile, the Naira on Tuesday, November 13, 2018 exchange at an average of N360/$1 in the BDC segment of the market.