The Central Bank of Nigeria (CBN) yesterday injected $210 million into the inter-bank segment of the Foreign Exchange (Forex) market to boost its liquidity.
The allocation of the fund into sub-segments of the market indicated that $100 million was allocated to dealers in the Wholesale Sector compared to the Small and Medium Enterprises (SMEs) and Invisibles segments’ allocation of $55 million each.
The Acting Director of Corporate Communications Department of the apex bank, Isaac Okorafor, stated that the continued interventions in the interbank foreign exchange market were to ensure market’s sustained liquidity and stability.
Okorafor pointed out that the sustained interventions had also impacted on the market positively and guaranteed a stable exchange rate stability for the Naira.
This is just as he also confirmed that bank’s interventions had led to a reduction in the nation’s import bills and accretion to its foreign reserves.
Meanwhile, at the end of trading in the BDC segment of the market yesterday, the naira exchanged at N362/$1.
