Journalism of Courage

CBN injects another $210m into inter-bank market

The Central Bank of Nigeria (CBN) on Tuesday, injected another sum of $210 million into the inter-bank foreign exchange market, in “continuation of its periodic intervention in the foreign exchange market,” the director of corportate communication, Isaac Okorafor said in a statement.
According to Okorafor, the CBN said authorised dealers in the wholesale segment of the market received the sum of $100 million, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated the sum of $55 million each.
It will be recalled that last Friday, the bank injected a total sum of $289.76 million into retail Secondary Market Intervention Sales (SMIS) and CNY38.70million in the spot and short-tenored forwards of the inter-bank foreign exchange market.
Meanwhile, the naira on Tuesday, January 29, 2019 continued to exchange at an average of N360/$1 in the Bureau De Change (BDC) segment of the market.
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