Forex Watch: Naira Remains Stable As CBN Ploughs $390m Into Forex Market In 7 Days

Central Bank of Nigeria (CBN)


The naira remained unchanged at 363 to the United States dollar after the Central Bank of Nigeria (CBN) injected a total of $195 million into the interbank foreign exchange market on Monday, bringing the total amount injected in one week to $390 million.

Earlier, $195 million was ploughed into the interbank forex by the apex bank on Tuesday, last week. Figures released by the bank on Monday showed that the sum of $100 million was offered to the wholesale segment, while the Small and Medium Enterprises segment received $50 million.

The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance, among others, received $45 million.

Mr. Isaac Okorafor, CBN's acting director, Corporate Communications Department, said in a statement that the injection was in line with the bank’s pledge of making the forex market liquid.

Okorafor said the bank remained determined to achieve its objective of rates convergence, hence the consistent intervention in the foreign exchange market.

He urged Deposit Money Banks to only honour requests from customers with genuine needs, saying the bank “does not intend to falter in its pledge to ensure liquidity in the forex market.”

The naira recorded a marginal gain on Wednesday, last week, closing at 363 per dollar from 364 to the dollar the previous day.




PIX: Central Bank of Nigeria (CBN)