The Central Bank of Nigeria (CBN), in another round of intervention on Tuesday, injected the sum of $210million into the Inter-bank Foreign Exchange Market to boost liquidity in the system.
The figures released by the Bank in Abuja indicate that it allocated $100million to dealers in the wholesale sector, while the Small and Medium Enterprises (SMEs) segment and invisibles each received the sum of $55 million.
The Acting Director of Corporate Communications Department (CCD) Mr. Isaac Okorafor, said the continued interventions in the interbank foreign exchange market is mainly to ensure sustained liquidity and stability in the market.
According to him, the interventions by the CBN have impacted the market positively and guaranteed a stable exchange rate for the Naira, which has since stabilized the foreign exchange market.
He reiterated that the Bank’s intervention moves have also led to a reduction in the country’s import bills and accretion to its foreign reserves.
Meanwhile, the naira exchanged at N362/$1 in the BDC segment of the market on Tuesday, May 15, 2018.