In 24hrs, CBN pumps nearly half a billion dollars into FX market

In less than 24 hours, the Central Bank of Nigeria (CBN) on Monday injected $457.3 million into various segments of the market.

Isaac Okorafor, CBN spokesperson, in a statement in Abuja, said that both the spot and forwards segments garnered $267.3 million while the wholesale segment got $100 million.

Okorafor said the small and medium enterprises (SMEs) and invisibles segments comprising basic travel allowance, tuition fee and medical got $50 million and $40 million respectively.

Meanwhile, the NAN checks on the volume of trading on the investors and exporters foreign exchange window in the past three weeks on the FMDQ platform revealed that $600 million had been sold by both the CBN and autonomous sources.

Okorafor expressed satisfaction with the level of activities in the market.

He said that the volume of activities being recorded in the investors and exporters forex segment was indicative of the fact that investors were attracted to the Nigerian financial market and the economy in general.

NAN checks also revealed that the naira closed at N383 to a dollar at the parallel market.