CBN injects $210 million into the FX market, to open December sales

CBN injects $210 million into the FX market, to open December sales

CBN injects $210 million – The Central Bank of Nigeria had on Tuesday December 4, 2018 injected more funds into the foreign exchange market to mark December sales.

Authorized dealers in the wholesale segment of the market were able to receive $100 million while Small and Medium Enterprises as well the invisible segments of the market got $55 million respectively from the sum.

According Mr Isaac Okorafor, the CBN Director of corporations and communication who confirmed the allocation, reiterates the apex bank’s commitment to meet genuine customer request in various capacities of the market, with an eye on Yuletide and new year.

Delivering annual lecture of the Chattered Institute of Bankers in Nigeria (CIBN) in Lagos, the apex bank governor Godwin Emefiele last week Friday, had warn speculators not to bet against the Naira, despite not enjoying a free flow in the market recently.

He further restated that the bank has enough and sufficient reserve to uphold and defend the Naira.

It will be recalled that on Friday, November 30, 2018, the Bank injected a total sum of $331.22million in retail Secondary Market Intervention Sales (SMIS) and CNY51.86million in the spot and short-tenored forwards of the inter-bank foreign exchange market.

Meanwhile, the naira on Tuesday, December 2, 2018 continued to exchange at an average of N365/$1 in the Bureau De Change (BDC) segment of the market.

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