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CBN pumps fresh $250million into Forex Market

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Amaka Obiefuna.
Nigeria’s apex bank, (CBN), continues its interbank foreign exchange market intervention this week by boosting it with $250million in three segments of the market.
It sold $100 million in the wholesale segment of the interbank forex market, and also uplifted the small and medium enterprises (SMEs) and invisible segments, with the sum of $85 million and $65million respectively.
Isaac Okorafor, the acting Director,  Corporate Communications Department, CBN, revealed that the Bank would pump even more liquidity into the market in the coming days, noting that the move by the CBN was necessary to enhance stability in the forex market.

Hé said that the Bank has kept faith with its resolve to ensure that there is sustained liquidity to meet genuine requests for forex. Meanwhile, the total turnover of $213.21 million was recorded on the Investors and Exporters’ forex window, just as the naira appreciated to N359.58 to the dollar on that segment of the market, stronger than the N361.13 to the dollar it was the previous day.

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