By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) on Monday released $195 million into the foreign exchange market.
This move was to further boost liquidity at the market and also ease the pressure on the local currency.
The latest intervention was released into the different segments of the forex market created by the apex bank.
A breakdown of the $195 million injected by the central bank into the market showed that the wholesale segment got $100 million, while the SMEs received $50 million, and the invisibles got $45 million.
Spokesman of the CBN, Mr Isaac Okorafor, disclosed that the chief lender will continue to intervene in the inter-bank sector in order to ensure adequate liquidity in the market.
According to him, the CBN management was quite pleased with the performance of the Naira against other major currencies around the world, particularly now that the forex rates at both the inter-bank and BDC segments neared convergence.
He expressed optimism that the Bank’s intervention had put a check on the activities of speculators, just as he underscored the determination of the CBN in sustaining stability in the forex market through thorough monitoring of authorised dealers in order to reduce incidences of sharp practices.
Dipo Olowookere 
Adedapo Adesanya