CBN Injects $457.3m Into Forex Market

dollars1 - CBN Injects $457.3m Into Forex Market

In a bid to revive the falling Naira, the Central Bank of Nigeria (CBN) has injected a total of $457.3m into the countries FOREX Market.

This was made known to newsmen by the Spokesman of the Central Bank of Nigeria (CBN), Mr Isaac Okorafor. He said that both the spot and forwards segments garnered 267.3 million dollars, the wholesale segment got 100 million dollars, the Small and Medium Enterprises (SMEs) and invisibles segments comprising basic travel allowance, tuition fee and medical got 50 million dollars and 40 million dollars respectively.

Meanwhile, the News Agency of Nigeria (NAN) checks on the volume of trading on the Investors and Exporters foreign exchange window in the past three weeks on the FMDQ platform revealed that 600 million dollars had been sold by both the CBN and autonomous sources.

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While expressing satisfaction with the level of activities in the market, Mr Okorafor said that the volume of activities being recorded in the Investors and Exporters forex segment was indicative of the fact that investors were attracted to the Nigerian financial market and the economy in general.


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