CBN injects another $210m into forex market to sustain liquidity

CBN Building, Abuja

The Central Bank of Nigeria (CBN) intervened in the inter-bank foreign exchange market on Tuesday by injecting $210m to support liquidity.

CBN Acting Director, Corporate Communications, Mr. Isaac Okorafor, revealed that the apex bank has offered $100m to authorized dealers in the wholesale market segment.

He said the small and medium business segment received $55m, while customers requiring foreign currency for tuition, medical payments, and travels received $55m.

Okorafor said the CBN would continue to inject millions of dollars in the interbank foreign exchange market in accordance with its desire to maintain liquidity in the market and maintain stability.

The Nigerian News Agency reports that on June 29, the CBN injected $318.73m to meet demands in the foreign exchange market.

At the same time, the naira continued its stability in the foreign exchange market, trading at an average of N360.50 to one dollar at the Bureau de Change market segment.