CBN Floods Forex Market With $457.3m

The Central Bank of Nigeria (CBN), on Monday injected a total of 457.3 million dollars into the various segments of the foreign exchange market; the highest since mid-February.

This follows the lull that was experienced in the system last week.

A breakdown of the intervention showed that a total of 267.3 million dollars was disbursed to the spot and forwards segments, while 100 million dollars was sold at the wholesale segment.

The SME as well as the invisible sections which comprise basic travel allowances, tuition and medical, received 50 million dollars and 40 million dollars, respectively.

Meanwhile, the volume of transactions on the investors and exporters foreign exchange window in the past three weeks stands at 600 million dollars.