Naira lifted again as CBN injects $418 million

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…Investors/Exports Segment Hits $2.2 billion

Naira notes

The Naira is set to be given further lift in the forex market with the Central Bank of Nigeria, CBN’s injection of another $418 million into various segments of the inter-bank Foreign Exchange market on Tuesday.

This is coming on the heels of a cumulative $2.2bn boost in the transactions at the Investors’ & Exporters’ (I&E) segment of the market.

Figures obtained from the CBN on Tuesday indicate that the retail segment of the market received the highest intervention with a total of $226 million, followed by the wholesale window that received an allocation of $100 million.

The Small and Medium Enterprises (SMEs) window received a boost of $50 million while the invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, etc. was allocated the sum of $42 million to meet the demands of…

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