Nigeria: Central Bank injects $ 210 million into the interbank market

Godwin Emefiele is the Governor of the Central Bank of Nigeria. © Afolabi Sotunde / Reuters

The Central Bank of Nigeria (CBN) injected on Tuesday, January 29, 210 million USD on the interbank foreign exchange market to generate stability.

According to a statement released for the occasion, the sum is split between authorized dealers in the wholesale segment of the market ($ 100 million) and small and medium-sized enterprises and invisible segments with each $ 55 million.

It should be recalled that the bank also injected on January 25, 2019, a total of $ 289.76 million in secondary market retail sales (SMIS) and $ 5.8 million on the spot market as well as short-term forward exchange contracts between banks.

The CBN also reported in a semi-annual report of 2018 that it has increased the frequency of currency cash sales to the Foreign Exchange Bureau (BDC) market two to three times a week. Note that the naira has sold 360 nairas for one dollar.

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