Dipo Olowookere
By Dipo Olowookere
The sum of $210 million was released into the foreign exchange market on Thursday by the Central Bank of Nigeria (CBN) as part of its efforts to stabilise the Naira.
The $210 million was released to forex traders in the interbank segment of the market so as to boost to the wholesale and other segments of the market.
“Thursday’s FOREX interventions are in continuation of the Bank’s resolve aimed at sustaining the high level of stability in the FOREX market and to continually ease access to the currency by customers in the different sectors,” spokesman of the apex bank, Mr Isaac Okorafor, explained in a statement issued in Abuja.
He disclosed that of the amount, $100 million was allotted to the wholesale sector of the market, while $55 million were given each to the Small and Medium Enterprises (SMEs) and the invisibles sectors.
Mr Okorafor noted that today’s injection was one of the closing activities of the apex bank for the year at the resumption of normal business after the Christmas and Boxing Day festivities and lauded players in the various sectors of the FOREX market for their contributions to the prevailing stability. He said in spite of activities of speculators, the central bank was ready to play its interventionist role in the market, stressing that the stability of the local currency in the market will continue into the New Year and beyond.
