Nigeria's central bank pumps $210 million into the forex market to maintain stability

The local currency currently exchanges at an average of N360 and N361 to a dollar at the parallel market.

Isaac Okorafor, the CBN Director, Corporate Communications, said in a statement in Abuja on Tuesday, September 5, 2018, that authorised dealers in the wholesale segment received $100 million.

He said the Small and Medium Enterprises segment also received  $55 million, adding that those requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance among others, received $55 million.

Okorafor reassured the public that the bank will continue to intervene in the Interbank Foreign Exchange Market, in line with its desire to sustain liquidity in the market and maintain stability.

Last week, the bank injected $210 million to cater for requests in the wholesale segment of the foreign exchange market.

The CBN's intervention has continued to sustain stability ijn the forex market with the Naira exchanging at an average of N360 to N361 to a dollar in the Bureau De Change segment of the market.

At the official market rate, the naira maintained rate at N306 to the dollar.

Also from Business Insider Sub-Sahara Africa:

Our newsletter gives you access to a curated selection of the most important stories daily.

Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more. Also join us across all of our other channels - we love to be connected!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Pulse Influencer Awards 2022 is Live!

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

Dance

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

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

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