Nigeria’s apex bank has pumped another $262.5m into the foreign exchange market. The Central Bank of Nigeria announced this on Friday.
The intervention is targeted at the agricultural, airlines, petroleum products and raw materials and machinery sectors.
Isaac Okorafor, the Acting Director in charge of Corporate Communications of the CBN, said the fund will boost production and trade and help to further strengthen the liquidity in the market.
According to him, the CBN will not relent in its resolve to make the inter-bank forex market liquid; stressing that the Bank is committed to driving economic growth and guaranteeing stability in the market.
Okorafor also reiterated that the Bank’s intervention had effectively checked the activities of speculators, assuring that the Bank would continue to thoroughly monitor the activities of authorised dealers in order to checkmate possible sharp practices.
Meanwhile, the Naira exchanged at N359 to a United States dollar on Friday, maintaining its stability in the market.