CBN pumps in $250m into Forex Market

The Central Bank of Nigeria (CBN), on Monday, injects $250m into the Inter-Bank Foreign Exchange Market of three segments of the market.Governor of central bank of nigeria, Godwin Emefiele

In the wholesale segment of the inter-bank Foreign Exchange market, it sold $100m and also uplifted the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $85 million and $65million respectively.

Mr. Isaac Okorafor, the Acting Director, Corporate Communications Department, according to vanguard revealed that the apex bank would pump even more liquidity into the market in the coming days, noting that the move by the CBN was necessary to enhance stability in the FX market.

Mr Isaac reiterated that in a bid to improve liquidity and ameliorate challenges encountered by critical stakeholders at this time of the year, the Bank had ensured that pressures on the market from those seeking forex for school fees and vacations were eased. He maintains that the Bank has resolved to ensure that there is sustained liquidity to meet genuine requests emanating from FOREX.
I strong believe that if CBN continues this way that naira will start and continue to appreciate or stabilize.

Kudos to CBN!

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