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CBN Injects $250m Into Inter-Bank To Stabilise Naira

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As part of its effort to stabilize the Naira, the Central Bank of Nigeria (CBN), has injected $250 million into the Inter-Bank Foreign Exchange Market.

 

The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said this in a statement made available to our correspondent on Tuesday.

 

He said that the CBN had taking such decision to enable genuine business people have forex to do their business and to also allow Small and Medium Scale businesses thrive.

 

This of course has also stabilized the Naira against the dollar in the parallel market, making it easy for exporters and importers to transact businesses.

 

According to the statement, the sum of $100 million is injected into the inter-bank while the sum of $85 million goes to SMEs and $65million for the invisible sectors, so that students will be able to pay their school fees abroad.

 

Okorafor reiterated that in a bid to improve liquidity and ameliorate numerous challenges encountered by critical stakeholders at this time of the year, the Bank had ensured that pressures on the market from those seeking forex for school fees and vacations were eased.

 

The statement explained that CBN would continue to inject dollars to ensure genuine business liquidity in the economy.

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