CBN Injects $210m into Forex To Save Naira

In a move to ensure the stability of the naira, the Central Bank of Nigeria (CBN) has injected the sum of $210 million into the inter-bank Foreign Exchange Market.

The CBN’s Director of Corporate Communications Isaac Okorafor disclosed this in a statement on Tuesday, July 30.

Okorafor explained that authorized dealers in the wholesale sector of the market received N100 million, while the small and medium enterprises (SMEs) and the invisible segments were allocated the sum of $55 million each.

He said the efforts of the CBN had helped to ensure the stability of the naira and also increased the level of investors and public confidence in the economy.

The CBN had in the last intervention on July 26, injected $284.2 million and CNY36 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the naira on July 30 exchanged at an average of N358 to a dollar in the bureau de change (BDC) segment of the market, News Agency of Nigeria reports.

The CBN had in the last intervention on July 26, injected $284.2 million and CNY36 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

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