CBN Injects $304.4 Million Into Forex Market As Naira Records Improvement…See Latest Exchange Rate

The naira has recorded a slight improvement after the Central Bank injected millions of dollars into the forex market.

The Central Bank of Nigeria, CBN, has intervened in the Retail Secondary Market Intervention Sales, SMIS, of the inter-bank Foreign Exchange Market to the tune of 304.4 million dollars.

The bank’s acting director, Corporate Communications Department, Isaac Okorafor, in a statement in Abuja on Friday reiterated that the objective of the CBN remained to boost liquidity, production and trade.

He said the recent interventions were in favour of interests in the agriculture, airlines, petroleum products, raw materials and machinery sectors.

According to him, the CBN will continue to ensure liquidity in the interbank sector of the market as well as sustain its interventions in order to drive economic growth and guarantee market stability.

Mr Okorafor expressed optimism that the Nigerian economy stood to gain massively from the Bank’s foreign exchange management strategy.

According to him, it can be seen in the accretion to the foreign reserves, which now stands at more than 40 billion dollars.

Meanwhile, the naira exchanged for N361 to a dollar in the Bureau de Change segment of the market on Friday.

-NAN