WED, FEBRUARY 20 2019-theG&BJournal-The Central Bank of Nigeria (CBN) has made a fresh injection of $210 million into the inter-bank foreign exchange market. The wholesale segment of the market received $100million while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received $55 million.
The currency is trading at N306/$ (official) and N360/$ at the Bureau de Change section of the Forex market today.
The details of the disbursement were released yesterday by the CBN who said it was pleased with the stability of the Forex market.
The Director, Corporate Communications at the Bank, Mr. Isaac Okorafor, said that the Bank will continue to intervene in order to ensure the liquidity in the market.
‘’Having virtually achieved the objective of rates convergence, the Bank was committed to sustaining the gains recorded in the foreign exchange market.’’
Okorafor expressed optimism that the Naira will sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.
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