Dipo Olowookere
By Dipo Olowookere
In order to sustain the stability of Naira in the foreign exchange (forex) market, the Central Bank of Nigeria (CBN) on Tuesday released the sum of $210 million to forex traders.
The fresh injection yesterday by the apex bank was made available to three different segments of the foreign exchange market.
A breakdown showed that $100 million was allotted to the wholesale segment, $55 million to the Small and Medium Enterprises (SMEs) segment, while another $55 million was made available to the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
It was gathered that as a result of the intervention, the local currency continued to maintain its stability at the market, trading at N356 per Dollar in the BDC segment.
Spokesman of the CBN, Mr Isaac Okorafor, said the bank will continue to intervene in order to ensure the liquidity in the market.
He further said the central bank management was very pleased with the stability of the local currency at the forex market, expressing optimism that the Naira will sustain its run against the Dollar and other major currencies around the world.
