CBN Injects $197.71 Million into FX Market to Boost Liquidity

• CBN has injected $197.71 million into the foreign exchange market to ensure liquidity and stability.

• The move aims to support a stable, transparent, and efficient foreign exchange market amid global economic adjustments.

  Despite the intervention, Nigeria’s official exchange rate fell to N1,600/$1, marking a 1.9% depreciation.

The Central Bank of Nigeria (CBN) has injected $197.71 million into the foreign exchange market, as part of its commitment to ensuring adequate liquidity and maintaining orderly market functioning.

This was disclosed in a statement on Saturday by the Director of the Financial Markets Department, Dr. Omolara Omotunde-Duke.

The CBN stated that the intervention was in line with its broader objective of fostering a stable, transparent, and efficient foreign exchange market.

The apex bank expressed confidence in the resilience of Nigeria’s foreign exchange framework, which it said was designed to adjust appropriately to changing economic fundamentals.

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Despite the intervention, Nigeria’s official exchange rate fell to N1,600/$1, marking a 1.9% depreciation compared to the previous day.

The CBN urged all authorised dealers to strictly adhere to the principles outlined in the Nigerian FX Market Code, promoting transparency and upholding the highest standards in their transactions with clients and market counterparties.