CBN injects $195 million into Inter-bank market

Central bank of Nigeria

The Central Bank of Nigeria (CBN) has boosted the inter-bank foreign exchange market with the injection of $195 million.

The apex bank’s spokesperson, Isaac Okorafor, confirmed the fresh injection of the funds on Monday.

Details of trading on Monday showed that the bank offered $100 million for wholesale interventions and allocated the sum of $50 million to the small and medium enterprises (SMEs) forex window.

Also, customers requiring forex for invisibles such as business/personal travel allowances, tuition and medical fees, among others, got $45 million.

Mr. Okorafor expressed confidence in the bank’s interventions to sustain the naira’s value against the dollar and other major currencies of the world, adding that the market will remain very stable as long as every player sticks to the forex guidelines.

The CBN had earlier injected $195 million into the forex market, with an additional $308.5 million introduced at the end of September.