Nigeria's central bank pumps $210 million into the forex market to maintain stability

The local currency currently exchanges at an average of N360 and N361 to a dollar at the parallel market.

Isaac Okorafor, the CBN Director, Corporate Communications, said in a statement in Abuja on Tuesday, September 5, 2018, that authorised dealers in the wholesale segment received $100 million.

He said the Small and Medium Enterprises segment also received  $55 million, adding that those requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance among others, received $55 million.

Okorafor reassured the public that the bank will continue to intervene in the Interbank Foreign Exchange Market, in line with its desire to sustain liquidity in the market and maintain stability.

Last week, the bank injected $210 million to cater for requests in the wholesale segment of the foreign exchange market.

The CBN's intervention has continued to sustain stability ijn the forex market with the Naira exchanging at an average of N360 to N361 to a dollar in the Bureau De Change segment of the market.

At the official market rate, the naira maintained rate at N306 to the dollar.

Also from Business Insider Sub-Sahara Africa:

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