In another round of intervention, the Central Bank of Nigeria on Tuesday injected $210 million into the inter-bank Foreign Exchange Market to boost liquidity in the system.
The figures released by the Bank in Abuja indicate that it allocated the sum of $100 million to dealers in the wholesale sector, just as the Small and Medium Enterprises segment and invisibles each received the sum of $55 million.
Validating the releases, the Acting Director of Corporate Communications Department at the Bank, Isaac Okorafor, said the continued interventions in the interbank foreign exchange market was mainly to ensure sustained liquidity and stability in the market.
According to Okorafor, the interventions by the CBN had impacted the market positively and guaranteed a stable exchange rate for the Naira, which has since stabilized the foreign exchange market.
He reiterated that the Bank’s intervention moves had also seen to a reduction in the country’s import bills and accretion to its foreign reserves.
Meanwhile, the naira exchanged at N362/$1 in the BDC segment of the market on Tuesday.