Naira Strengthens as CBN Injects $195m Into Forex Market

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The local currency “Naira” strengthened as the Central Bank of Nigeria (CBN) continued its sustenance of foreign exchange liquidity in the market by injecting another $195 million through the inter-bank segment.

It was learnt that the $195 million intervention, which was made on Monday, November 13, helped the local currency to maintain its strength against its International counterparts.

The Bank’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor, said yesterday that the intervention is in line with the CBN’s continual determination to ensure FOREX liquidity and satisfy legitimate demand.Figures released by the Bank show that it offered the total sum of $100million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisible segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.

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.Mr Okorafor assured that the Bank will continue to intervene in the nation’s FOREX market in order to sustain the liquidity in the market and guarantee the international value of the Naira.

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