The Central Bank of Nigeria [CBN] has injected an additional $195 million into the foreign exchange market in its bid to help the Naira remain afloat.
According to a statement issued on Tuesday, the effort is to improve dollar liquidity and reduce pressure on the Naira.
Elombah.com gathered that CBN was compelled to intervene after Nigeria’s foreign exchange reserves fell for nine days in a row, from $30.29billion to $30.20b.
The central bank has sold over $5 billion since February in similar intervention.
The apex bank, last week, said it would continue to intervene in the foreign exchange market to support the naira.
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