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CBN Again Saves Naira From Collapse, Injects $195m Into Forex

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The Central Bank of Nigeria (CBN), on Monday, made some more desperate moves to save naira from further collapse, injecting $195m into Forex market
CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN), on Monday, made some more desperate moves to save naira from further collapse, Injects $195m Into Forex

To that effect, the apex bank has injected another 195 million dollars into the Foreign Exchange (Forex) Market ahead of Monetary Policy Committee’s (MPC) decision.

This was disclosed in a statement by the Bank’s Acting Director in charge of Corporate Communications, Mr Isaac Okorafor in Abuja.

According to Okorafor, the bank offered 100 million dollars of the sum to the wholesale interventions.

Also, the bank offered 50 million dollars to the Small and Medium Enterprises (SME).

Invisible segment including Business/Personal Travel Allowances, tuition and medical fees, received 45 million dollars.

He said: “The CBN Management is quite pleased with the performance of the naira against other major currencies around the world, particularly now that the Forex rates at both the inter-bank and BDC segments neared convergence.”

According to Okorafor, the apex bank has continued to intervene in the inter-bank sector, to ensure adequate liquidity in the market.

He expressed optimism that the Bank’s intervention had put a check on the activities of speculators.

He also underscored the determination of the CBN in sustaining stability in the Forex market through monitoring of authorised dealers, to reduce sharp practices.

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N363 to the dollar in the BDC segment of the market on Monday.

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