Forex Market Gets Fresh $210m Intervention from CBN
By Dipo Olowookere
The currency market received a boost on Monday when the Central Bank of Nigeria (CBN) released another $210 million into the interbank segment of the market.
A statement issued by spokesman of the apex bank, Mr Isaac Okorafor, explained that the intervention was part of efforts to sustain the flow of forex in the market.
He said from the $210 million released by the country’s chief lender, $100 million was given to the wholesale market, while $55 million allotted to the small businesses, and $55 million went to the invisibles, which cover school fees, travels, and medical bills.
The CBN started its regular intervention in the forex market nearly a year ago and this has kept the Naira relatively stable against the Dollar and the other major foreign currencies.
In the yesterday’s statement, the central bank promised to sustain the tempo and continue to release more forex into the market.