CBN pumps another $262.5m to Forex market


Godwin Emefiele, CBN governor

The Central Bank of Nigeria (CBN) on Friday intervened in the inter-bank Foreign Exchange Market with 262.5 million dollars.

Data obtained from the CBN in Abuja revealed that the sum was in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Acting Director in charge of Corporate Communications at the bank, Mr Isaac Okorafor, confirmed the figures, noting that the releases remained targeted at boosting production and trade in addition to sustaining liquidity in the market.

According to him, the CBN will not relent in its resolve to make the inter-bank forex market liquid; stressing that the Bank is committed to driving economic growth and guaranteeing stability in the market.

Okorafor also reiterated that the Bank’s intervention had effectively checked the activities of speculators, assuring that…

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