By Dipo Olowookere
The Central Bank of Nigeria (CBN) on Tuesday released the sum of $210 million to the foreign exchange market.
This was done to ensure the Naira doesn’t succumb to pressure from the huge demand of the United States Dollar.
The $210 million was specifically injected into the interbank segment of the foreign exchange market by the apex bank.
This kept the Naira stable at the segment yesterday at N306.75 to a Dollar.
A breakdown of the supply showed that $100 million was allotted to the wholesale market, with $55 million for small businesses and individuals, and $55 million for certain dollar expenses such as school fees and medical bills.
Spokesman of the central bank, Mr Isaac Okorafor, who confirmed the intervention, said the bank will continue to make efforts to boost liquidity and alleviate Dollar shortages at the market.
more recommended stories
BUA Plans 48MW Power Project for Sokoto Cement Plant
By Dipo Olowookere A deal has.
Equities Further Shed 0.50% Despite 12% Rise in Turnover
By Dipo Olowookere For the sixth.
CBN Drops One-Year OMO Bill Rate to 13.04%
By Dipo Olowookere The Central Bank.
Julius Berger Nigeria Announces N2 Per Share Dividend, Nets N10bn as Profit
By Modupe Gbadeyanka Shareholders will get.