Nigeria's central bank pumps $210 million into forex market, assures of Naira stability during 2019 elections

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Nigeria's central bank (CBN) has injected the sum of $210 million into the inter-bank segment of the foreign exchange market, the first market intervention for the year 2019.

With less than 7 weeks to the 2019 polls, the CBN assured of stable exchange rates in spite of the anticipated pressures, coupled with election spending.

Isaac Okorafor, CBN Director, Corporate Communications, who made this known on Friday, January 4, 2019, said the wholesale sector of the market received $100 million, while the Small and Medium Enterprises (SMEs) received $55 million.

The CBN also allocated $55 million to customers requiring foreign exchange for business and personal travels, tuition or medical fees.

Okorafor reiterated that the apex bank will continue from where it stopped in 2018 in order to maintain FX stability.

He said the CBN had made a commendable effort in keeping the exchange rates at the current levels, noting that the current capital flow reversals from the emerging markets were expected to bring out pressures on the market rates.

“The CBN is determined to sustain a stable exchange rate as it continues to put in place relevant measures to shore up the country’s reserves".