CBN pumps $210 million into forex market to support naira

Nigeria's central bank (CBN) on Tuesday, injected another $210 million in the inter-bank foreign exchange market to sustain the local currency.

The apex bank said the authorised dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium Enterprises (SMEs) and Invisibles segments were allotted the sum of $55 million each. 

Isaac Okorafor, CBN's spokesperson, assured that the CBN will continue to sustain liquidity in the forex market.

Okorafor expressed optimism that the local currency, the naira will continue its strong run against the dollar and other major currencies around the world, considering the stability in the market and robust reserves.

 

Last Friday, the Central Bank of Nigeria (CBN) also made interventions to the tune of $337.16 million in the retail Secondary Market Intervention Sales (SMIS) and CNY 56.17 million in the spot and short-tenored forwards segment of the foreign exchange market.

Nigerian naira trades flat against the dollar

The naira on Wednesday, November 14, 2018, exchanged at an average of N361/$1 in the BDC segment of the market.

At the official market, the naira maintained rate at N306.70 per dollar while the currency closed flat at N363.45 per dollar at the I&E – Investors’ & Exporters’ FX Window.