The Central Bank of Nigeria (CBN) has injected $195 Million into the Foreign Exchange (FOREX) market in its continued efforts at achieving liquidity in the market and strengthen the nation’s currency.

 

This is even as the Naira exchanged for N363/$ at the Bureau De Change (BDC) and remains positive in strength as the fresh FOREX injection was made Monday.
Figures released by the Bank showed that it offered the total sum of $100million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50
million.

The invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.

The CBN Acting Director, Corporate Communications
Department, Mr. Isaac Okorafor, explained that the intervention was in line with the CBN’s continual determination to ensure FOREX liquidity and satisfy legitimate demand.

He assured that the Bank would continue to intervene in the nation’s FOREX market in order to sustain the liquidity in the
market and guarantee the international value of the Naira.
Meanwhile, the Naira exchanged at an average of N363/$1 in the BDC segment of the market on Monday, November 13, 2017, maintaining its stability in the FOREX market.