Trying To Save Naira, Nigeria's Central Bank Injects $210 Million into Forex Market
The Central Bank of Nigeria (CBN) has injected the sum of $210 million into the inter-bank Foreign Exchange Market after the transactions on Tuesday, July 30.
The bank’s Director, Corporate Communications Department, Isaac Okorafor, said in a statement.
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.