Business
CBN boosts foreign exchange market with $210m
By Chioma Obinagwam
In another round of intervention, the Central Bank of Nigeria (CBN) on Tuesday injected 210 million dollars into the Inter-bank Foreign Exchange Market to boost liquidity in the system.
The acting Director, Corporate Communications, Mr Isaac Okorafor, in a statement in Abuja, said the CBN allocated 100 million dollars to dealers in the wholesale sector.
He said also the Small and Medium Enterprises (SMEs) segment and Invisibles received 55 million dollars each.
Okorafor said the continued interventions in the interbank foreign exchange market was mainly to ensure sustained liquidity and stability in the market.
According to him, the interventions by the CBN had impacted the market positively and guaranteed a stable exchange rate for the Naira, which has since stabilised the foreign exchange market.
He reiterated that the Bank’s interventions had reduced the country’s import bills and led to accretion to its foreign reserves.
Meanwhile, the naira exchanged at N362 to a dollar in the Bureau De Change segment of the market.
Continue Reading
-
Football5 days agoBanda, Chawinga make 2026 Women’s Ballon d’Or top 30 shortlist
-
Featured5 days agoPeter Obi, Makinde and the 2027 elections: Can unity really challenge APC?
-
Business7 days agoNigerian Breweries’ H1 profitability strengthens as revenue hits N804bn
-
Business6 days agoNigeria records N12.59trn trade surplus in Q2 2026 — NBS
-
Latest7 days agoTinubu’s US legal battle: Group questions silence of elder statesmen
-
Energy4 days agoBrent crude tops $100: What higher oil prices mean for Nigeria
-
Latest6 days agoAkpabio courts northern youths for Tinubu’s reforms ahead of 2027
-
Featured6 days ago2027: Rivers ADC fires back at Wike, says boasts won’t decide elections