CBN Injects $195m into Forex Market

By Modupe Gbadeyanka

About $195 million was on Monday released into the foreign exchange market by the Central Bank of Nigeria (CBN) to sustain liquidity.

Spokesman of the apex bank, Mr Isaac Okorafor, gave a breakdown of how the amount was disbursed to various sectors of the market.

In a statement issued today, Mr Okorafor said $100 million was allotted to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got $50 million, and tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

He expressed optimism that the Naira would sustain its run against the Dollar and other major currencies at the forex market.

The central bank spokesman also commended the level of transparency in the market and urged stakeholders to abide by the guidelines.

He promised that the CBN would continue to intervene in the market to ensure liquidity and boost the local currency.

However, he warned that any act of sabotage by operators would be severely dealt with by the central bank.