CBN Lifts Naira With Additional $250m Injected into Forex Market

By Dipo Olowookere

On Monday, the Central Bank of Nigeria (CBN) put another $250 million into the foreign exchange (Forex) market days after if made a similar release.

Acting Director of Corporate Communications at the CBN, Mr Isaac Okorafor, who confirmed this, said the apex bank will continue to intervene in the market to ensure stability.

Also, he reiterated the central bank’s determination to maintain transparency in the forex market in Nigeria.

Giving a breakdown of Monday’s intervention, Mr Okorafor said the wholesale sector was offered the sum of $100 million, while those at the Small and Medium Enterprises (SMEs) window received $80 million.

In addition, $70 million was released for the invisibles, which covers Business/Personal Travel Allowances, school tuition, medicals, etc.

The CBN said it was satisfied with the level of transparency at the market and urged all to continue to adhere to the extant guidelines on the sale of forex at the market.

However, he maintained that the apex bank had taken measures to check the activities of speculators and shield the currency from attacks, while also maintaining the international value of the Naira.

He reassured customers that authorized dealers have enough funds to meet their foreign exchange demands.