The Central Bank of Nigeria (CBN) injects $210m into Foreign Exchange (FOREX) market .Mr Isaac Okorafor, the Director, Corporate Communications Department of Central Bank of Nigeria (CBN), speaking at Abuja on Tuesday, July 30, said:
the Central Bank of Nigeria (CBN) has deposited the sum of Two Hundred and Ten million dollars ($210 million dollars) into the inter-bank Foreign Exchange Market after the transactions on Tuesday, July 30.
He also, said that the determination, efforts and the commitment of the Central Bank of Nigeria (CBN), has aided in the steadiness of the Naira.
This has also increased and attracted the rate of investors into the system. And has also establish trust, confidence in the public economy
The Director also clarified that the approved dealers in the wholesale sector of the market received 100 million dollars, while the Small and Medium Enterprises (SMEs) and the invisible segments were allocated the sum of 55 million dollars each.
The News Agency of Nigeria (NAN) reports that CBN had in the last intervention on July 26. Injected the sum of 284.2million dollars and CNY 36million into the Retail Secondary Market Intervention Sales (SMIS) segment.
On Monday, the CBN governor, Godwin Emiefiele, took a tour of some banks in the country’s capital, Abuja, to supervise the sale of foreign exchange to customers over the counter. Why CBN injects $210m into Forex
Spokesperson of the Central Bank of Nigeria(CBN), Isaac Okorafor, also urged Commercial Banks to keep up with the provision of BasicTravel Allowance and Business Travel Allowance to ‘genuine customers’. This, with a promise that the CBN has enough dollars in its vaults to meet all the foreign exchange demands. This is in a bid to enable the Naira gain values in the Foreign Exchange ( FOREX) Market. CBN injecting $210m into Forex is the best necessary step to take at the moment to improve the foreign Exchange sector.
On the other hand, the Naira, on July 30, 2019, exchanged at an average of N358 to a dollar in the Bureau De Change (BDC) segment of the market. Why CBN injects $210m into Forex