CBN injects $413.5m to defend the Naira

The Central Bank of Nigeria (CBN) injected $413.5million into the inter-bank Foreign Exchange market Monday.

“The CBN offered the sum of $100 million to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated a total of $28million, spokesperson of the apex bank, Isaac Okorafor said in a statement on Monday.

The apex bank released the details of the $260million auction sales in the retail window last week.

“The invisibles segment was allocated the sum of $25.5 million to meet the need of those requiring forex for Business and Personal Travel Allowances, school tuition, medicals, etc,”Okorafor said in the statement.

While stressing that the bank is committed to sustaining the value of the Naira and ensuring that unwholesome currency trading will not be rewarded, Okorafor said that the bank is determined to achieve exchange rate convergence between the inter-bank segment of the foreign exchange market and the Bureau de Change (BDC) segments.

“CBN is confident of achieving the goal soon particularly if all stakeholders played by the rules,” he said.

CBN is optimistic that the Naira would continue its strong run against the dollar and other major currencies around the world.

As at 1.00pm Monday in Lagos, the dollar exchanged at N360 in commercial banks, while it cleared at N361 in BDC segment and N363 to a dollar at the black market.