Nigeria: Economy gets $285.7m forex boost
Nigerian CBN Governor Mr. Godwin Emefiele
London, Oct. 28, 2017 (AltAfrika)-In an apparent move to further boost Nigeria economy, the country Apex Bank, Central Bank of Nigeria (CBN) on Friday announced the injection of $285,759,449.10 into the Inter-Bank Foreign Exchange Market.
Details from the CBN indicate that the agricultural, aviation, petroleum and raw materials were the four sectors that received much of the forex
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.
NTA 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.
Meanwhile, 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, October 27, 2017.