CBN Supports Agric, Others With $285.7m Forex Injection

The Central Bank of Nigeria (CBN) yesterday injected a total of
$285,759,449.10 into the Inter-Bank Foreign Exchange Market to meet
requests in four sectors of the economy.

Details obtained from the CBN indicate that the agricultural,
airlines, petroleum and raw materials, were the four sectors that
received various sums of allocation forex allocation from the CBN
based on requests put forward by their respective banks.

Confirming the figures, the acting director, Corporate Communications Department, CBN, Isaac Okorafor, said the releases underlined the high levels of transparency of the Bank in Foreign Exchange Management.

According to him, the CBN would continue to play its role in easing
the foreign exchange pressure on manufacturing and agricultural
sectors through sales under the new flexible Foreign Exchange regime.

It will be recalled that the Central Bank of Nigeria has consistently injected funds into in the interbank foreign exchange market to ensure liquidity, thereby easing pressure on the local tender currency.

Meanwhile, the naira continued to maintain its stability in the
foreign exchange market, exchanging at an average of N360 per dollar in the BDC segment and N363 to the dollar at the parallel market on Friday, 27, 2017.

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