The Central Bank of Nigeria (CBN) has injected another $210,000,000.00 into the interbank window of Nigeria’s Foreign Exchange market.
According to figures obtained from the Bank, today, Tuesday’s interventions were for the Wholesale, Small and Medium Enterprises (SMEs) and invisibles segments of the market.
The Acting Director of the Corporate Communications at the CBN, Isaac Okorafor, said that the Bank offered the sum of $100million to the wholesale segment, while the SMEs and invisibles segments each received the sum of $55 million.
He said that the releases were meant to boost liquidity, trade and ease of remittances for legitimate personal commitments.
Okorafor said that despite the stable rate of N360/$1 and the expected inflow from various sources such as the Eurobond and remittances from the Diaspora, the apex Bank would continue to intervene in the inter-bank forex market to guarantee liquidity.
He stressed that the interventions had largely checked unwholesome activities of currency speculators, adding that the CBN would not relent in its daily monitoring of activities in the market in order to ensure that all concerned operate in line with extant rules.
Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market today Tuesday, December 12.[myad]
