The Central Bank of Nigeria (CBN) on Tuesday disclosed that it intervened in inter-bank segment of the Foreign Exchange market with the injection of $210 million to boost the market’s liquidity.

Figures released by the Bank showed that the Wholesale sector of the market got $100 million, compared to the Small and Medium Enterprises (SMEs) and invisibles sectors each of which received $55 million.

Confirming the figures, the apex bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said that the interventions were in line with the bank’s commitment to sustain the high level of stability in the Forex market with a view to ensuring seamless access to forex by genuine end users.

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

Okorafor stated that the CBN was ready to inject funds into the market, whenever and wherever necessary in order to maintain market stability as well as sustain the financial system.

On the sustained accretion of the nation’s foreign reserves, the apex bank’s spokesperson explained that with the current reserves nearing $50 billion mark, it showed that the CBN was capable of sustaining foreign exchange liquidity in the system.

At the end of the trading on Tuesday, the Naira exchanged at N361 to a dollar at the Bureau De Change (BDC) segment of the market.