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
Market to See Mix of Profit Taking, Bargain Hunting This Week
By Modupe Gbadeyanka The positive vibe.
Nigeria’s Manufacturing PMI Sustains Faster Growth Rate in May
By Dipo Olowookere The Central Bank.
NSE Bars Stockbrokers, Others from Capital Market for Fraud
By Dipo Olowookere No fewer than.
N8.7bn Financial Stocks Exchanged Hands in One Week
By Dipo Olowookere A total turnover.
MTN Nigeria Suffers First Loss at Stock Market
By Dipo Olowookere For the first.
Stockbrokers Institute Offers 31 Financial Journalists Scholarship
A total of 31 financial journalists.
ABCON Urges Members to Shun Gmail, Yahoo
Over 4,500 Licenced Bureau de Change.
How to Achieve Total Agric Transformation in Nigeria–Obasanjo
By Dipo Olowookere Former President Olusegun.