CBN injects $210m to defend Naira

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CBN headquarters, Abuja

The Central Bank of Nigeria (CBN) says it has  injected 210 million dollars into the inter-bank Foreign Exchange Market to boost liquidity in the system.

The Acting Director,  Corporate Communications,  Mr Isaac Okorafor, disclosed this in a statement in Abuja, on Tuesday.

He said the bank  allocated 100 million dollars to dealers in the wholesale sector.

According to him,  the Small and Medium Enterprises (SMEs) segment and invisibles received 55 million dollars each.

Okorafor, said the continued interventions in the interbank foreign exchange market was mainly to ensure sustained liquidity and stability in the market.

He added that  the interventions by the apex bank  had impacted the market positively and guaranteed a stable exchange rate for the Naira.

This, he said had helped to stabilised the foreign exchange market.

He reiterated that the Bank’s interventions had reduced the country’s import bills and led to accretion to its foreign reserves.

Meanwhile, the Naira exchanged at N362 to a dollar in the Bureau De Change segment of the market. (NAN)

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