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Cbn injects another $100M to the forex market

The Central Bank of Nigeria has pumped in another $100 million to the Forex market in order to help the naira recover.

As part of its resolve to strengthen the naira, the Central Bank of Nigeria on Monday, 27th February injected another $100m into forex market, according to Vanguard. This is as a result of the new foreign exchange (FX) policy actions announced a week ago by the apex bank.

The CBN had on Thursday last week, sold $221,371,218.04 to banks in its second special wholesale intervention plan. This is the third time now.

A breakdown of the amount sold by the CBN showed last week showed that it auctioned $162,850,000 to 10 banks in a transaction with 30 days tenor, while six banks participated in a separate auction with 60 days tenor in which $58,521,217.04 was sold.

As a result of the new policy, the naira has recorded tremendous recovery against the dollars closing as low as N460/$1 on Friday. With this new strategy, it is believed the naira will recover faster than expected as dollar is bound to crash.

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