Connect with us

Breaking News In Nigeria Today

CBN injects $195m into Forex market, Naira Closes At N363/$


CBN injects $195m into Forex market, Naira Closes At N363/$

The Central Bank of Nigeria (CBN) on Monday injected another 195 million dollars into the various segments of the inter-bank Foreign Exchange (Forex) Market ahead of Monetary Policy Committee’s (MPC) decision.

Mr Isaac Okorafor, the Bank’s Acting Director in charge of Corporate Communications, said this in a statement in Abuja.
According to Okorafor, the bank offered 100 million dollars of the sum to the wholesale interventions while 50 million dollars was offered to the Small and Medium Enterprises(SME).
He said the invisible segment, comprising Business/Personal Travel Allowances, tuition and medical fees, received 45 million dollars.
According to Okorafor, the apex bank has continued to intervene in the inter-bank sector, to ensure adequate liquidity in the market.

He said,“ the CBN Management is quite pleased with the performance of the naira against other major currencies around the world, particularly now that the forex rates at both the inter-bank and BDC segments neared convergence.

He expressed optimism that the Bank’s intervention had put a check on the activities of speculators.

He also underscored the determination of the CBN in sustaining stability in the forex market through monitoring of authorised dealers, to reduce sharp practices.

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N363 to the dollar in the BDC segment of the market on Monday.

Continue Reading
You may also like...

Olawale Moses is a passionate news content writer on different niche such as politics, entertainment, arts and lifestyle, he is also a member of the Vanguard Nigerian Newspaper community with good rep, the CEO of Look Naija. Aside blogging, a graduate of Information Technology.

Click to comment

Leave a Reply

Your email address will not be published.


To Top
Do NOT follow this link or you will be banned from the site!