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CBN injects $210m into forex market

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CENTRAL Bank of Nigeria (CBN) has injected the sum of $210million into the Inter-Bank Foreign Exchange Market (IFEM) after the close of transactions.

Director of Corporate Communications, Isaac Okorafor, disclosed this development in a statement in Abuja, explaining that authorised dealers in the wholesale sector of the market received $100million.

According to him, $55 million was allocated to each of Small and Medium Enterprises (SMEs) and other invisible segments, adding that CBN premised the formula as part of its efforts to shore more stability of Naira and boost investor confidence in the economy.

It will be recalled that CBN had similarly ploughed about $284.2million and CNY36million into its Retail Secondary Market Intervention Sales (SMIS) segment in its last intervention on July 26, while Naira exchanged at N358 to $1 in pararell market also known as Bureau De Change (BDC) window.

 

 

 

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