Nigeria’s Central Bank injects $210m to sustain liquidity in forex market

A total of $210million has been injected into the Nigerian forex market to sustain liquidity by the Central Bank of Nigeria.

According to the Nigeria’s apex bank, the injected sum into the inter-bank foreign exchange market, will make forex available for customers’ needs in various segments of the market.

A sum of $100million was offered to authorised dealers in the wholesale segment of the market, while $55million was offered to the Small and Medium-scale Enterprises segment.

In the same vein, another $55million was released to customers requiring forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance, among others, were also allocated the sum of $55m.

CBN’s acting director of corporate Communications, Isaac Okorafor confirmed the figures while reassuring the public that the bank would continue to intervene in the interbank forex market in line with its desire to sustain liquidity in the market and maintain stability.

Okorafor further said that the steps taken by the apex bank in the management of forex was paying off, as reflected by reduction in the country’s import bills and accretion to its foreign exchange reserves.

In the same vein, the Naira’s stability in the forex market remains unchanged leaving the currency to exchange at an average of N362/$1 in the Bureau de Change.

As at March 9, 2018, the Central Bank of Nigeria said foreign reserves rose to $46 billion at the close of business.

Nigeria’s Central Bank injects $210m to sustain liquidity in forex market

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