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Nigeria: Central Bank of Nigeria makes another $210m intervention in foreign exchange market

Nov 23, 2018
The Central Bank of Nigeria (CBN) Wednesday injected $210 million into the foreign exchange market to help stabilize the naira.
Figures from the bank showed that it offered $100m to the wholesale segment, while the Small and Medium Enterprises segment received $55m.
The invisibles segment, comprising tuition fees, medical payments and basic travel allowance, among others, also received a $55m boost.
The Director, Corporate Communications, CBN, Mr Isaac Okorafor, who confirmed the figures, noted that the CBN was pleased with the state of the forex market, adding that the bank would continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.
According to Okorafor, the level of transparency in the market was also a boost to confidence in the market.
Consequently, the naira maintain its stability in the forex market, exchanging at an average of N361/$1 in the BDC segment of the market on Wednesday.
Source: The Ripples
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