4 sectors get $285.7m forex injection

Posted by News Express | 28 October 2017 | 2,033 times

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•CBN Governor Godwin Emefiele

 The Central Bank of Nigeria (CBN) on Friday injected $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 sectors received various allocations based on requests put forward by their respective banks.

Confirming the figures, CBN's Acting Director of Corporate Communications Department, Mr. 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.

The CBN 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/$1 in the Bureau de Change segment of the market on Friday.

Source: News Express

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