CBN Injects $210m Into Inter-Bank sector

In continuation of its intervention in foreign exchange market, the Central Bank of Nigeria (CBN) on Tuesday, injected the sum of $210million into the inter-bank Foreign Exchange Market to boost liquidity in the system.

The figures released by the Bank in Abuja indicate that it allocated the sum of
$100million to dealers in the wholesale sector, just as the Small and Medium
Enterprises (SMEs) segment and invisibles each received the sum of $55 million.

Validating the releases, the Acting Director of Corporate Communications
Department (CCD) of CBN, Isaac Okorafor, said that 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 stabilized
the foreign exchange market.

He reiterated that the Bank’s intervention moves had also seen to a reduction in
the country’s import bills and accretion to its foreign reserves.

Meanwhile, the naira exchanged at N362/$1 in the BDC segment of the market on Tuesday, May 15, 2018