Banking Latest News

CBN Injects $210m Into Inter-Bank Segment of Forex Market

The Central Bank of Nigeria (CBN) has injected $210 million into the Inter-Bank segment of the Foreign Exchange (Forex) market to boost its liquidity.

Figures released by the Bank on Tuesday showed that the Wholesale sector of the market got $100 million while the Small and Medium Enterprises (SMEs) and invisibles sectors each of which received $55 million.

Confirming the intervention, the apex bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said that the interventions were in furtherance of the bank’s commitment to sustain the high level of liquidity in the Forex market with a view to ensuring genuine users of forex get adequate supplies for their needs.

He restated the bank’s determination to continue to inject funds into the market, whenever and wherever necessary in order to maintain market stability as well as sustain the financial system.

On the rising foreign reserves, Okorafor explained that with the current reserves nearing $50 billion mark, CBN was fully positioned to sustain Forex liquidity in the markets.

Meanwhile, at the end of  Tuesday’s trading, the Naira exchanged at N361 to a dollar at the Bureau De Change (BDC) segment of the market.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *