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CBN injected $17.71 million into the forex market to ensure liquidity and stability.
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The move is designed to support global economic adjustments to support stable, transparent and efficient foreign exchange markets.
Despite intervention, Nigeria’s official exchange rate fell to N1,600/$1, marking a 1.9% depreciation.
The Central Bank of Nigeria (CBN) has injected US$17.71 million into the foreign exchange market as part of its commitment to ensure adequate liquidity and maintain orderly market operations.
Dr. Omolara Omotunde-Duke, director of the Financial Markets Department, disclosed this in a statement Saturday.
CBN said the intervention was in line with its broader goal of promoting a stable, transparent and efficient forex market.
Apex Bank expresses confidence in the resilience of the Nigerian Forex Framework, which is designed to properly adapt to changing economic fundamentals.
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Despite intervention, Nigeria’s official exchange rate fell to N1,600/$1, depreciating at 1.9% compared to the previous day.
CBN urges all authorized dealers to strictly abide by the principles outlined in the Nigerian FX Market Code, promote transparency and maintain the highest standards in transactions with customers and counterparties.
