Breaking News
Translate

CBN injects $285.7m into Forex

Kindly Share This Story:

By Emma Ujah

The Central Bank of Nigeria (CBN), yesterday, injected a total of $285,759,449.10 into the Inter-Bank Foreign Exchange Market to meet requests in four sectors of the economy.

Details obtained from the CBN indicate that the agricultural, airlines, petroleum and raw materials were the four sectors that received various sums of allocation forex allocation from the CBN based on requests put forward by their respective banks.

Confirming the figures, the Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the releases underlined the high levels of transparency of the Bank in Foreign Exchange Management.

According to him, the CBN would continue to play its role in easing the foreign exchange pressure on manufacturing and agricultural sectors through sales under the new flexible Foreign Exchange regime.

It will be recalled that the Central Bank of Nigeria has consistently injected funds into the interbank foreign exchange market to ensure liquidity, thereby easing pressure on the local tender currency.

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market, yesterday.

 

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!