Naira strengthens against dollar as CBN injects $457.3m into forex market

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– The Central Bank of Nigeria (CBN) has injected $457.3 million into various segments of the forex market

– Small and Medium Enterprises (SMEs) and invisibles segments comprising basic travel allowance, tuition fee and medical got 50 million dollars and 40 million dollars respectively

The Central Bank of Nigeria (CBN) on Monday injected 457.3 million dollars into various segments of the market.

The CBN Spokesman, Mr Isaac Okorafor in a statement in Abuja, said that both the spot and forwards segments garnered 267.3 million dollars, while the wholesale segment got 100 million dollars.

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Okorafor said the Small and Medium Enterprises (SMEs) and invisibles segments comprising basic travel allowance, tuition fee and medical got 50 million dollars and 40 million dollars respectively.

The Central Bank of Nigeria has injected $457.3 million into the foreign exchange market

Meanwhile, the News Agency of Nigeria (NAN) checks on the volume of trading on the Investors and

Exporters foreign exchange window in the past three weeks on the FMDQ platform revealed that 600 million dollars had been sold by both the CBN and autonomous sources.

Okorafor expressed satisfaction with the level of activities in the market.

He said that the volume of activities being recorded in the Investors and Exporters forex segment was indicative of the fact that investors were attracted to the Nigerian financial market and the economy in general.

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NAN checks also revealed that the Naira closed at N383 to a dollar at the parallel market.

Watch this ZENITHBLOG.com video of Nigerians react to the economic recession raving the country:

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