CBN injects $210m into forex market


The Central Bank of Nigeria (CBN) has injected the sum of $210 million into the inter-bank Foreign Exchange Market, in its last intervention for the month of July.

The Director, Corporate Communications Department at the CBN, Isaac Okorafor explained that authorized dealers in the wholesale sector of the market received $100 million, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated the sum of $55 million each.

Okoroafor noted that 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 Central Bank of Nigeria had in the last intervention on July 26, injected the sum of $284.2million and 36million Chinese Yuan Renminbi into the Retail Secondary Market Intervention Sales (SMIS) segment.

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