CBN Injects $457.3M in Forex Market

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By Joseph INOKOTONG
After a lull witnessed in the foreign exchange market last week, the Central Bank of Nigeria (CBN) on Monday, injected the sum of $457.3 million into various segments of the market.
A breakdown of the offers indicates that both the spot and forwards segments garnered a total of $267.3 million while the wholesale segment got $100 million.
Also, the Small and Medium Enterprises (SME) and invisibles segments comprising of basic travel allowance, tuition fee and medical got and $50 million and $40 million respectively.
Meanwhile, a check on the volume of trading on the Investors and Exporters foreign exchange window in the past three weeks on the FMDQ platform revealed that the sum of $600 million has been sold by both the CBN and autonomous sources.
The Acting Director, Corporate Communications at the CBN, Isaac Okorafor, when contacted for comments on the developments in the market, expressed satisfaction with the level of activities in all segments of the market.
Mr. Okorafor, while confirming the sales figure for the day, singled out the Investors and Exporters segment noting that the volume of activities is indicative of the fact that investors are being attracted to the financial market and the economy in general.  
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