CBN intervenes in Forex market, injects $250m

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The Central Bank of Nigeria (CBN) on Monday injected the sum of $250m in the Inter-Bank Foreign exchange market.

In a statement by the Acting Director, Corporate Communications Department of the CBN, Isaac Okorafor, the apex bank said it sold $100m and uplifted the Small and Medium Enterprises (SMEs) and invisible segments, with $85m and $65m respectively.

Okorafor further said the apex bank would “pump even more liquidity into the market in the coming days.”

He noted that the move by the CBN was necessary to enhance stability in the foreign exchange market.

“In a bid to improve liquidity and ameliorate challenges encountered by critical stakeholders at this time of the year, the bank has ensured that pressures on the market from those seeking Forex for school fees and vacations are eased,” he said.

He added that the bank had kept faith with its resolve to ensure that there is sustained liquidity to meet genuine requests for foreign exchange.

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