- The CBN has injected $210m into the foreign exchange market to boost liquidity
- The acting director of corporate communications of the apex bank, Isaac Okorafor said that each dealer in the banking sector got a $100m allocation
- Okorafor stated that the reason for the continuation of intervention in the interbank foreign exchange market was to sustain stability in the system
In another round of intervention, the Central Bank of Nigeria (CBN) on Tuesday, May 15, injected 210 million dollars into the inter-bank foreign exchange market to boost liquidity in the system.
The acting director of corporate communications of the apex bank, Isaac Okorafor, in a statement in Abuja, said the CBN allocated 100 million dollars to dealers in the wholesale sector, the News Agency of Nigeria (NAN) reports.
He said also the Small and Medium Enterprises (SMEs) segment and invisibles received 55 million dollars each.
Okorafor, said the continued interventions in the interbank foreign exchange market was mainly to ensure sustained liquidity and stability in the market.
According to him, the interventions by the CBN had impacted the market positively and guaranteed a stable exchange rate for the Naira, which has since stabilised the foreign exchange market.
He reiterated that the CBN's interventions had reduced the country’s import bills and led to accretion to its foreign reserves.
Meanwhile, the naira exchanged at N362 to a dollar in the Bureau De Change segment of the market.
Meanwhile, NAIJ.com reported that the Nigerian Naira on Monday, May 14, retained its strengthened rate at the parallel market against Dollar.
According to NAIJ.com findings, the local currency maintained the same rates of N363 against Dollar, N500 to £1 and N430 against Euro as it was on Friday, May 11.
Can 1 Naira ever become 1 US dollar again on the Forex market? On NAIJ.com TV