CBN Injects $210 million To Stabilise Naira



The Central Bank of Nigeria on Tuesday injected $210million, to meet customers requests in various segments of the foreign exchange market.

The CBN Acting Director, Corporate Communications Department, Mr. Isaac Okorafor explained it was to meet customers needs in the various segments of the market. Of the amount, the Small and Medium Enterprises (SMEs) segment got $55 million, while customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million.

The apex bank last week approved an upward review of the trading margin available to operators of Bureau De Change (BDC) in the country, allowing BDC operators could buy the United States dollar from the CBN at the rate of N357/$1 and sell at N360.

This, would leave them with a positive margin of N3.00 per dollar sold. Okorafor, reiterated the Bank’s commitment to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.  He added that CBN would sustain its strategic management of forex, with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

The apex bank last Monday, June 4, 2018, intervened to the tune of $210 million to cater for requests in the wholesale segment of the market.  Meanwhile, the naira continued its stability, exchanging at an average of N362/$1 in the BDC segment this tuesday. Ends