Naira Stablise As CBN Injects $210m Into Forex Market

The Central Bank of Nigeria (CBN) on Tuesday injected $210million into various segments of the foreign exchange market.

This is just as the naira maintained stability in the parallel market, exchanging at an average of N360 to one dollar.

According to figures obtained from the apex bank, $100million was offered to authorised dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) segment got a boost of $55 million.

Customers requesting foreign exchange for invisible such as tuition fees, medical payments and basic travel allowance (BTA), among others, were also allocated $55 million.

The CBN had on July 20, injected $340.5 million into the interbank retail secondary market intervention sales, following the auction for 69.8 million Chinese Yuan Renminbi (CNY) through a combination of spot and 15-day tenors.

As of Tuesday, the auction was valued at N3.6 billion, with exchange rates fixed between N49 and N51 per Yuan.