CBN injects $250m to boost forex

The Central Bank of Nigeria has invested $250m into the inter-bank foreign exchange market, according to the News Agency Nigeria report, the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said the apex bank also sold $100m and uplifted the Small and Medium Enterprises and invisible segments, with $85m and $65m, respectively.

He said that the central bank would pump even more liquidity into the market in the coming days, noting that the move by the CBN was necessary to enhance stability in the foreign exchange market.

He reiterated that in a bid to improve liquidity and ameliorate challenges encountered by critical stakeholders at this time of the year, the bank had ensured that pressures on the market from those seeking forex for school fees and vacations were eased.

He said further that the bank had kept faith with its resolve to ensure that there was sustained liquidity to meet genuine requests for foreign exchange.

Source:  ( NAN )