CBN injects $210 mn, aiding Naira stand taut against Greenback   

01 November 2018 : CBN is taking every possible step to ensure that Naira remains stable against the Dollar. The Apex bank will continue to support and intervene in the nation’s interbank forex market to aid their currency visa liquidity. Consequently, Naira stands firms at an average of N 362 to a dollar in the parallel market. Interestingly, at the official market, the local currency stands strong at N 306.60 to the dollar, losing 0.10% to close at N 363.50 at the I&E – Investors’ & Exporters’ FX Window.

Authorized dealers in the wholesale segment received a sum of $100 million from the apex banks so that the requests of the customers could be met. SME’s weren't left behind, as CBN allocated a massive $55 million to small and medium scale enterprises (SMEs) segment and the invisible segments, comprising requests for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

In the past month alone, the monetary authority had made interventions summing up to over $547million in the Wholesale and Retail Secondary Market Sales (SMIS)

As at Wednesday, October 31, 2018, the country's foreign reserve has dropped to $42 billion from $47.80 billion recorded in May 2018.

Reporting for EasyKobo on Thursday ,1 November 2018 in Lagos, Nigeria

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