CBN injects another $210m into forex market

Kenneth Afor

The Central Bank of Nigeria says it has injected another $210 million into the Nigerian inter-bank foreign exchange market to ensure liquidity, maintain stability and to meet up with customers demand.

Isaac Okorafor, director, corporate communications, CBN, who disclosed this on Wednesday, said that authorised dealers in the wholesale sector of the market received $100 million while the Small and Medium Enterprises (SMEs) and the invisibles segments received $55 million each.

Okorafor added that the CBN is pleased with the level of stability of the forex market in the country.

He said, “The CBN management as noted by the governor in his post-monetary policy committee meeting briefing on Tuesday, July 23, 2019, welcomed the continued stability in the foreign exchange market and the steady accretion to country’s external reserves”.

However, in the spot and short-tenured segment of the forex market, the sum of $298.7 million and 39.6 million yuan was injected into the retail Secondary Market Intervention Sales (SMIS) at the last bank trading.

The official exchange rate as at Wednesday in the bureau de change was N357 to $1