CBN Injects $100m Into Forex Market As Naira Depreciates

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The Central Bank of Nigeria (CBN) on Thursday said it had offered 100 million dollars to authorised dealers as its intervention to stabilise the foreign exchange market.

Isaac Okorafor, Acting Director of the Corporate Communications Department of CBN. disclosed this in a statement on Thursday.

Okorafor, however, said that no intervention was made in the retail window in Thursday’s auction.

He said that the bank continued its weekly sale of foreign exchange to the Bureau de Change (BDC) segment to meet the needs of low-end users.

The CBN spokesman further said that the bank had observed that quite a good number of dealers were adhering to the forex guidelines.

Okorafor said the CBN would continue to monitor activities of authorised dealers to ensure that no outfit or individual circumvented laid down forex rules.

He urged all concerned to put the Nigerian economy first, adding that the CBN was determined to guarantee the international value of the naira.

Meanwhile, the Naira on Thursday depreciated slightly against the dollar at the parallel market.

The Nigerian currency lost two points to close at N390 to the dollar, while the Pound Sterling and the Euro traded at N495 and N415, respectively.

 

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