Nigeria's central bank injects $210 million into forex market to support naira

Isaac Okorafor, CBN spokesperson says the forex intervention is in continuation of the apex bank’s resolve aimed at sustaining the value of naira.

Godwin Emefiele, CBN Governor

Nigeria's central bank (CBN) has injected $210 million into the inter-bank segment of the foreign exchange market to support the country's local currency during the festive season.

Breakdown of the amount released by the CBN on Thursday, December 27, 2018, shows that the wholesale sector of the market received $100 million, while the Small and Medium Enterprises and invisible sectors each received $55 million.

Isaac Okorafor, CBN spokesperson said the forex intervention is in continuation of the apex bank’s resolve aimed at sustaining the high level of stability in the forex market and continually ease access to the currency by customers in the different sectors.

On Thursday, the naira gained N1 against the US dollar to close at N364 from N365 its exchanged during the Christmas period. The local currency closed N364.35 and N307 to a dollar at the Investors’ & Exporters’ FX Window and official markets respectively.

CBN sacrifices foreign reserves for stable naira

At the IMF/World Bank annual meeting in October, Godwin Emefiele, the CBN governor said Nigeria's target is to ensure stable currency rate to avoid depreciation of the naira.

Emefiele said the present economic conditions cannot allow reserves build up in the place of foreign exchange. 

Nigeria's foreign reserve currently stands at $43.3 billion away from the $50 billion targets the country had projected.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022

Zuchu forced to apologize to fans after viral video raised eyebrows

Zuchu forced to apologize to fans after viral video raised eyebrows

Willy Paul wins against Diana Marua in court

Willy Paul wins against Diana Marua in court

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi