The Central Bank of Nigeria (CBN) on Tuesday injected $210 million into the inter-bank segment of the Foreign Exchange (Forex) market to boost its liquidity.

An analysis of the distribution of the fund into sub-segments of the market, showed that the apex bank allocated $100 million to dealers in the wholesale sector while the Small and Medium Enterprises (SMEs) segment and invisibles segment each got $55 million allocation.

Confirming the supply, the Acting Director of Corporate Communications Department of the apex bank, Isaac Okorafor, said that the continued interventions in the interbank foreign exchange market were to ensure its sustained liquidity and stability.

CBN’s Acting Director in charge of the Corporate Communications Department (CCD), Isaac Okorafor
CBN’s Acting Director in charge of the Corporate Communications Department (CCD), Isaac Okorafor

According to him, the sustained interventions have impacted positively on the market positively and guaranteed a stable exchange rate stability for the national currency, the Naira.

Okorafor also confirmed that bank’s interventions had also led to a reduction in the nation’s import bills and accretion to its foreign reserves.

At the end of trading in the BDC segment of the market yesterday, the naira exchanged at N362/$1, thereby sustaining its exchange rate stability trend in the market.