The interbank segment of the market of the Nigerian Foreign Exchange Market, on Monday, January 16, received a boost from the Central Bank of Nigeria, CBN, to the tune of $210 million.
Apex bank spokesman, Mr Isaac Okorafor, in a statement, explained that the intervention was part of efforts to sustain the flow of forex in the market.
He said from the $210 million released by the country’s chief lender, $100 million was given to the wholesale market, while $55 million allotted to the small businesses, and $55 million went to the invisibles, which cover school fees, travels, and medical bills.
The CBN started its regular intervention in the forex market nearly a year ago and this has kept the Naira relatively stable against the Dollar and the other major foreign currencies.
In the statement, the central bank promised to sustain the intervention at the forex market.
