The Central Bank of Nigeria has injected $210m into the various segments of the market to sustain its intervention in the Inter-Bank Foreign Exchange Market. CBN Director, Corporate Communications, Mr Isaac Okorafor, made this known in a statement on Tuesday in Abuja.
Okorafor said that the apex bank offered $100m as wholesale interventions and allocated $55m to Small and Medium Enterprises. He said that another $55m was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees.
The director explained that Tuesday’s interventions were in continuation of the bank’s resolve to sustain the high level of stability in the foreign exchange market. According to him, it is also to continue to ease access to the currency by customers in different sectors.
Okorafor said the CBN was optimistic that the Naira would sustain its run against the Dollar and other major currencies around the world, considering the level of transparency in the market.
Meanwhile, in spite of election activities, the Naira continues to maintain its stability in the foreign exchange market, exchanging at an average of N356 to a dollar at the Bureau de Change segment.
Meanwhile, the Naira on Tuesday lost marginally against the Dollar at the parallel market in Lagos, closing at N359 to the Dollar. The News Agency of Nigeria reported that the Naira had exchanged at N358.8 on Monday.
The Pound Sterling and the Euro traded at N469 and N410, respectively. At the Bureau De Change segment, the Naira was sold at N360 to the Dollar, while the Pound Sterling and the Euro closed at N469 and N410, respectively.
Trading at the investors’ window saw the Naira closing at N362.3 to the Dollar, while market turnover stood at $397.32m.
As the United States and China trade deal gets to a head and the increase in the price of oil at the international market, the nation’s reserves is expected to improve. Improved reserves and Diaspora inflows will sustain the current stability of the Naira at the foreign exchange market.