CBN Injects 457.3million Dollars

Godwin Emefiele, CBN

The Central Bank of Nigeria (CBN) on yesterday injected $457.3 million dollars into various segments of the market. CBN Spokesman, Mr. Isaac Okorafor in a statement in to that effect, said that both the spot and forwards segments garnered $267.3 million dollars, while the wholesale segment got $100 million dollars respectively.

Okorafor said the Small and Medium Enterprises (SMEs) and invisibles segments comprising basic travel allowance, tuition fee and medical got $50 million dollars and $40 million dollars respectively. Meanwhile, the News Agency of Nigeria (NAN) checks on the volume of trading on the Investors and Exporters foreign exchange window in the past three weeks on the FMDQ platform revealed that 600 million dollars had been sold by both the CBN and autonomous sources.

The central bank has continued to supply into the foreign exchange market. It had supplied over $380m into the forex market last Monday. Before appreciating to 386/dollar on Friday, the local unit had closed at 390/dollar daily consecutively between last Tuesday and Friday. According to financial and currency experts, the naira’s outlook remains stable in the near term as the regulator steps up efforts to improve dollar liquidity and achieve exchange rate convergence.

Okorafor expressed satisfaction with the level of activities in the market. He said that the volume of activities being recorded in the Investors and Exporters forex segment was indicative of the fact that investors were attracted to the Nigerian financial market and the economy in general. NAN checks also revealed that the Naira closed at N383 to a dollar at the parallel market.

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