Forex: CBN’s $457.3m Injection Boosts Naira


The Central Bank of Nigeria (CBN)’s injection of about $457.3 million into various segments of the market on Monday upped the ante in the foreign exchange sector with the local currency, the Naira faring better after last week’s lull in market activities.

According to the offer’s breakdown seen by Forefront, both spot and forwards sections got the sum of $267.3 million with the wholesale segment receiving the sum of $100 million.

Similarly, the Small and Medium Enterprises (SMEs) and invisible segments, comprising basic travel allowance, tuition fee and medicals, received $50 million and $40 million respectively.

At present, Naira goes for N380 to one dollar at the parallel market, even as it has been widely reported that the volume of trading on the Investors and Exporters foreign exchange window in the last three weeks on the FMDQ platform shows that the sum of $600 million has for been sold by both the apex bank and autonomous sources.

Contacted on developments in the market, Isaac Okorafor, Acting Director, Corporate Communications, CBN said current level of activities in the market was satisfactory with more still being done to generally improve things in the monetary sector.

Okorafor, who confirmed the Monday’s sales figure, especially in the Investors and Exporters segment, said the volume of activities indicates the fact that more investors are finding the financial market and the economy attractive for business.

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