The Central Bank of Nigeria (CBN) injected another $180 million into the foreign exchange market, prompting the Naira to further appreciate by N10 against the dollar in the parallel market.
Details of the foreign exchange supply showed that the apex bank injected $100m into the wholesale forwards segment of the market and sold an additional $80m into the banks specifically for the settlement of dollar demand for school fees, medicals and Personal Travel Allowance (PTA), among others.
Consequently, the CBN has injected about $541 million into the foreign exchange market since last week, when it unveiled new measures to boost dollar supplies in order to halt Naira depreciation in the parallel market.
In a statement announcing the additional dollar supplies, Acting Director, Corporate Communication Department, CBN, Mr. Isaac Okorafor, said: “The CBN’s commitment to providing enough forex for legitimate business remains unshaken, reiterating that it would do “everything possible” to ensure the steady supply of forex to the market.
Culled from The Vanguard