- Naira now N360/$1
From Uche Usim, Abuja
Four sectors of the inter-bank foreign exchange market (forex) yesterday got fresh injection of $285.7 million in line with the Central Bank of Nigeria’s (CBN) strategy to keep the economy afloat.
This was as the naira continued to maintain its stability in the forex market, exchanging at an average of N360/$1 in the Bureau De Change (BDC) segment of the market yesterday.
The four sectors that enjoyed the latest forex intervention are: Agriculture, airlines, petroleum and raw materials, which received various sums from the apex bank based on requests put forward by their respective banks.
The acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the intervention underlined the high levels of transparency of the CBN in forex 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 forex regime.
Recall that the CBN has consistently injected funds into in the inter-bank foreign exchange market to ensure liquidity, thereby easing pressure on the local tender currency.