CBN continues intervention with $262.5m in forex market

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, 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 would not relent in its resolve to make the inter-bank forex market liquid and that it was 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 the Bank would continue to thoroughly monitor the activities of authorised dealers, in order to checkmate possible sharp practices.
Meanwhile, the Naira exchanged at N359 to a United States dollar, on Friday, maintaining its stability in the market.

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