CBN Injects $210m Into Forex Market

In its latest round of intervention, the Central Bank of Nigeria (CBN) on Tuesday injected the sum of $210 million into the inter-bank foreign exchange (forex) market. 
Figures obtained from CBN indicate that the authorised dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium Enterprises (SMEs) and invisibles segments were allotted the sum of $55 million each.
Its Director, Corporate Communications Department, Mr. Isaac Okorafor, stated that CBN would continue to sustain liquidity in the forex market. He also expressed optimism that the naira would continue its strong run against the dollar and other major currencies around the world, considering the stability in the market and robust reserves.
The CBN had on Friday, November 2, made interventions to the tune of $337.16 million in the retail Secondary Market Intervention Sales (SMIS) and CNY 56.17 million in the spot and short-tenored forwards segment of the foreign exchange market.
Meanwhile, the naira on Tuesday, November 13, 2018 exchanged at an average of N360/$1 in the BDC segment of the market.