Naira remains strong as CBN injects $195m into forex market

The Central Bank of Nigeria has continued its sustenance of FOREX liquidity by injecting another $195 million into the inter-bank Foreign Exchange Market, even as the Naira maintains its strength. The $195 million intervention was made on Monday, November 13, 2017.
Figures released by the Bank show that it offered the total sum of $100million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.

The Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said yesterday that the intervention is in line with the CBN’s continual determination to ensure FOREX liquidity and satisfy legitimate demand.

Mr. Okorafor assured that the Bank will continue to intervene in the nation’s FOREX market in order to sustain the liquidity in the market and guarantee the international value of the Naira. Meanwhile, the Naira exchanged at an average of N363/$1 in the Bureau De Change (BDC) segment of the market, maintaining its stability in the FOREX market.