CBN Pumps Fresh $100m in Forex Market

By Modupe Gbadeyanka

An additional $100 million has been released into the foreign exchange market by the Central Bank of Nigeria (CBN) for use by wholesale customers.

Spokesman of the CBN, Mr Isaac Okorafor disclosed that out of the fresh injection, about $91 million has been taken.

The Naira continues to firm up against major currencies, especially the United States Dollar, which exchanged at $1/N490 at the parallel market on Friday.

Mr Okorafor disclosed that while the highest and marginal bid rates were N330/$1 and N320/$1, respectively, no intervention was made by the Bank to meet requests for invisibles on Thursday.

It will be recalled that the CBN Governor, Godwin Emefiele, at the post-Monetary Policy Committee briefing assured that the Bank will sustain its forex intervention in the interbank market.

Daily Trust