The Central Bank of Nigeria said it had pumped over $42.3 billion into the foreign exchange market in the last one year to ensure liquidity in that segment of the economy.
A breakdown of the numbers shows that about $7.89 billion went into the market in the second quarter of 2018, while N11.88 billion was injected in the third quarter of 2018.
A total of N10.72 billion was pumped into the market in the fourth quarter of 2018 and N11.81 billion went in as at the end of March
2019.
Responding, the CBN’s Director, Corporate Communications Department, Mr. Isaac Okorafor, attributed the relative stability in the forex market, largely to the bank’s continued intervention.
He explained that the CBN’s role was to deliver price, financial system stability and sustainable economic development, using effective, efficient and transparent implementation of monetary exchange rate policy and management of the financial sector.
An asset management expert, Mr. Adebola Akande, told our correspondent that the apex bank’s efforts in stabilising the naira, both at the official and parallel markets, was commendable, adding that although, the CBN had not fully succeeded in restoring the local currency’s lost glory, but the regulator had won a major part of the
battle.
