Dipo Olowookere
By Dipo Olowookere
The foreign exchange market was Monday received a new boost when the Central Bank of Nigeria (CBN) injected $210 million into it.
The amount was released into the currency market to sustain the supply of Dollars at the market and as well take off pressure on the local currency.
A breakdown of the intervention showed that the authorized dealers in the wholesale segment of the market were given $100million, while both the invisibles and the Small and Medium Enterprises (SMEs) segments received $55 million each.
According to the CBN’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor, the apex bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.
He said the CBN will continue to manage the forex market with a view to reducing the country’s import bills and minimize depletion of foreign reserves.
