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Naira appreciates against dollar as CBN injects $195m into Forex market

Naira appreciates against dollar as CBN injects $195m into Forex market

The naira has continued to maintain its stability in the FOREX market, exchanging at an average of N364/$1 in the BDC segment of the market on Tuesday.

The Acting Director, Corporate Communications Department at the Bank, Isaac Okorafor, disclosed the figures to newsmen, stating that the CBN was pleased with the state of the Forex market.

He added that the Bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

This is coming after the Central Bank of Nigeria intervened in the inter-bank Foreign Exchange Market to the tune of $195 million.

The apex Bank has injected a total sum of $100 million to the wholesale segment, while the Small and Medium Enterprises segment received the sum of $50 million.

The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance, among others received $45 million.

Okorafor restated the apex Bank’s determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.

According to him, the Bank remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.

 

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