CBN injects $195m into forex market as naira maintains stability

The Central Bank of Nigeria (CBN) has injected $195 million into the inter-bank of the foreign exchange (forex) market.

This comes on the back of the apex bank’s monetary policy aimed at uplifting the naira exchange rate.

Figures made available on Monday showed that the bank had sold an initial $100 million in the wholesale segment of the inter-bank.

The small and medium enterprises (SMEs) segment received $50 million, while the invisible segment comprising of tuition fees, medical payments and basic travel allowance (BTA), among others, got $45 million respectively.

Isaac Okoroafor, director of corporate communication of the CBN, said the timely interventions would continue to guarantee stability in the market as the value of the naira appreciates.

Okoroafor also expressed confidence that the interventions would continue to “guarantee stability in the market and ensure availability to individuals and business concerns with genuine demand for forex transactions”.

The naira has continued to maintain its stability in the market, recording only nine kobo depreciation from N360.41 to N360.50 in the investor and exporters (I & E) forex window.

In the black market, however, the naira maintained its rate at N360 per dollar.

Back in September, the apex bank injected $297 million through secondary market intervention sales (SMIS).

Last week, the CBN injected $396.8 million into various segments of the foreign exchange market.