Naira remains stable as CBN injects $210 million forex market

Nigeria’s local currency, the Naira, has continued to maintain its stability in the forex market as the Central Bank of Nigeria (CBN) continued with its weekly intervention in the interbank foreign exchange market.

On the Wednesday, the apex bank injected the sum of $210 million into the market, out of which $100m went into the wholesale segment, while the small and medium scale enterprises (SMEs) segment received the sum of $55 million.

Similarly, the invisible segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received a $55 million boost.

The Director, Corporate Communications at the CBN, Mr. Isaac Okorafor, while confirming the figures, said the CBN was pleased with the state of the forex market, adding that the Bank would continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

He said the Bank was determined to achieve its objective of exchange rate stability, thus the continued injection in the foreign exchange market.

According to him, the level of transparency in the market was also a confidence boost for the market.

The CBN in its intervention last week injected the sum of $318.03m and CNY 62.18m into the Retail Secondary Market Intervention Sales (SMIS).

Meanwhile, the naira continued to maintain its stability in the forex market, exchanging at an average of N361/$1 in the BDC segment of the market Wednesday.