1 Naira Remains Strong as CBN Pumps in $195m – Invest Data

Naira Remains Strong as CBN Pumps in $195m

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Post Views: 1,395 The Central Bank of Nigeria (CBN), on Monday continued its sustenance of FOREX liquidity by injecting another $195m into the inter-b...

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The Central Bank of Nigeria (CBN), on Monday continued its sustenance of FOREX liquidity by injecting another $195m into the inter-bank Foreign Exchange Market, even as the Naira maintains its strength.
Figures released by the bank showed that a total of $100m was offered to operators in the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment got $50m, leaving the invisibles segment (comprising tuition, medical payments and Basic Travel Allowance) with the remaining $45m.
The CBN’s Acting Director, Corporate Communications Department, Isaac Okorafor, said the intervention was in line with the continual determination to ensure FOREX liquidity and satisfy legitimate demand.
He assured that the bank will continue to intervene in the nation’s FOREX market to sustain liquidity in the market and guarantee the international value of the Naira.
Meanwhile, the Naira exchanged at an average of N363/$1 in the BDC segment of the market on Monday, November 13, 2017, maintaining its stability in the FOREX market.

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