CBN Pumps Additional Funds Into Forex

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The Central Bank of Nigeria yesterday supplied an additional  $195 million to stabilise the inter-bank Foreign Exchange Market.

CBN spokesman Isaac Okorafor, said the apex bank remained determined to achieve its objective of rates convergence, “hence the unrelenting injection of intervention funds into the foreign exchange market’’.

Okarafor said there was a lot of optimism that the naira would sustain its run against the dollars.

In the additional funds, $100 million was offered through the wholesale segment, small and Medium Enterprises (SMEs) segment received $50 million.

Tuition fees, medical payments and Basic Travel Allowance (BTA), among others, got $45 million.

The naira continued to maintain its stability in the market, exchanging at an average of N364 to a dollar in the Bureau de Change segment of the market.

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