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

Godwin Emefiele, Governor of Nigeria's Central Bank reiterated the bank's commitment towards sustaining its FX intervention programme.
  • 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.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Why do guys still masturbate when they have girlfriends?

Why do guys still masturbate when they have girlfriends?

Police uniform, weapon are ID - Mutyambai addresses Boniface Mwangi's trending clips

Police uniform, weapon are ID - Mutyambai addresses Boniface Mwangi's trending clips

From Millionaire to Hawker - How Muthee is rebuilding his life from scratch

From Millionaire to Hawker - How Muthee is rebuilding his life from scratch

Jalang'o announces his last day on Kiss 100 [Video]

Jalang'o announces his last day on Kiss 100 [Video]

If I rise, let me rise with other people - Crazy Kennar scoops 3 titles at the Pulse Influencer Awards

If I rise, let me rise with other people - Crazy Kennar scoops 3 titles at the Pulse Influencer Awards

Zuckerberg loses $6 billion hours after Facebook, WhatsApp, Instagram crashed

Zuckerberg loses $6 billion hours after Facebook, WhatsApp, Instagram crashed

Cooking for Drake, collaboration with Wizkid and other things Tems revealed in a Twitter Q&A

Cooking for Drake, collaboration with Wizkid and other things Tems revealed in a Twitter Q&A

I’m a father of Two - Willis Raburu’s humble request over his late daughter Adana

I’m a father of Two - Willis Raburu’s humble request over his late daughter Adana

I spent Sh800K - Vera speaks on begging for money to fund lavish Baby shower

I spent Sh800K - Vera speaks on begging for money to fund lavish Baby shower