CBN Throws $210m into Forex Market to Lift Naira

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By Modupe Gbadeyanka

The sum of $210 million was pumped into the foreign exchange market on Wednesday in order to provide lifeline to the local currency.

This brought about stability of the Naira at the currency market yesterday, with the local currency quoting at N361 to a Dollar in the BDC segment of the market.

The Central Bank of Nigeria (CBN), which released the $210 million into the market, said in a statement that it offered $100 million to the wholesale segment.

Also, the small and medium scale enterprises (SMEs) segment received the sum of $55 million, while the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received a similar allocation, $55 million.

According to the Director of Corporate Communications at the CBN, Mr Isaac Okorafor, the apex bank was pleased with the state of the forex market.

He noted that the central bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the Naira.

According to him, the bank was determined to achieve its objective of exchange rate stability, thus the continued injection in the foreign exchange market.

Mr Okorafor said the level of transparency in the market was also a confidence boost for the market.

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