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Forex market: CBN continues intervention with $262.5m
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January 13, 2018 01:17:11am GMT      |      Views: 474

The Central Bank of Nigeria (CBN) on Friday intervened in the inter-bank Foreign Exchange Market with 262.5 million dollars.
Data obtained from the CBN in Abuja revealed that the sum was in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors.
The Acting Director in charge of Corporate Communications at the bank, Mr Isaac Okorafor, confirmed the figures, noting that the releases remained targeted at boosting production and trade in addition to sustaining 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. (NAN)

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