Nigeria's central bank injects $210 million into FX market to stabilise naira

Nigeria's central bank sustains FX market with $210 million.
CBN says forex intervention is to sustain investors and public confidence on the Naira.
The latest FX intervention was made to the inter-bank foreign exchange market.

Nigeria's central bank (CBN) has lifted the inter-bank foreign exchange market with $210 million.

Isaac Okorafor, the Director, Corporate Communications Department at the CBN stressed that the effort of the bank had continued to stabilise the foreign exchange market.

This, according to him, had sustained the level of confidence investors and the public had in the Naira.

According to the CBN figures, the authorised dealers in the wholesale segment of the market received $100 million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

The sum of $55 million was allocated to customers requiring foreign exchange for Invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

The latest intervention is coming is one week after the apex bank injected $256 million and CNY 37.4 million into the Retail Secondary Market Intervention Sales (SMIS) segment.