CBN intensify supply into forex market with $255m

The central Bank of Nigeria on Monday, ahead of the outcome of the ongoing monetary policy meeting, MPC, in Abuja, injected over $250m into the foreign exchange market.

A breakdown of the fund showed that 100 million dollars was released for the spots and forwards segments of the wholesale market, while basic travel allowance earned 50 million dollars

Also, the small and medium scale enterprises segment had 55 million dollars.

Meanwhile, the exchange rate convergence expectation of the CBN is fast being attained with the naira exchange rate hovering between N375 and N385 to the dollar.

Isaac Okorafor, the acting director, corporate communications department at the CBN, told reporters in Abuja that the investors and exporters segment of the market had so far recorded a trade volume in the sum of $1.1 billion from both the CBN and autonomous windows.

He said this is an indication of the appreciable level of confidence in the foreign exchange management by foreign investors and autonomous suppliers of foreign exchange to the market.

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