CBN sells $210m as naira closes at 364/dollar


Oyetunji Abioye

The Central Bank of Nigeria on Monday injected another $210m into various segments of the inter-bank foreign exchange market.

This came on the heels of the regulator’s $304.4m Retail Secondary Market Intervention sales in the inter-bank forex market on Friday.

Despite this, the naira closed at 364/dollar at the parallel market on Monday, the same rate the United States greenback traded against the local unit on Friday.

At Monday’s trading, the CBN offered the sum of $100m as wholesale interventions and allocated the sum of $55m to the Small and Medium Enterprises forex window.

Customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others, equally got an allocation of $55m.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, confirmed the sales, reiterating that the bank would sustain its…

Read More…..Punch Newspapers