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CBN Sells $210m to Ease to Pressure on Naira

By Modupe Gbadeyanka

The sum of $210 million was on Tuesday injected into the foreign exchange (forex) market by the Central Bank of Nigeria (CBN).

This was part of the bank’s determination to ensure there was enough forex available to customers who need the foreign currency to complete their transactions.

The intervention from the central bank came after the local currency depreciated by one percent at the parallel market last week from N366 per Dollar to N370.

During the injection, the apex bank released $100 million to the wholesale market, $55 million for small businesses and individuals, and $55 million for certain dollar expenses such as school fees and medical bills.

According to the CBN Governor, Mr Godwin Emefiele, the bank has enough reserve to defend the Naira against any shock, advising firms and individuals against hoarding hard currency or buying in anticipation of a currency weakness.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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