4 Nigerian sectors get $285.7m Forex injection

The Central Bank of Nigeria (CBN) has injected a total of $285,759,449.10 into the Inter-Bank Foreign Exchange Market to meet requests in four sectors of the economy.

Details obtained from the apex bank on Friday indicated that the agricultural, airlines, petroleum and raw materials were the four sectors that received various sums of allocation forex allocation from the CBN based on requests put forward by their respective banks.

Confirming the figures, the Acting Director, Corporate Communications Department, CBN, 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.

It will be recalled that the Central Bank of Nigeria has consistently injected funds into in the interbank foreign exchange market to ensure liquidity, thereby easing pressure on the local tender currency.

But the naira continued to maintain its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Friday.