The Central Bank of Nigeria has pumped over $42.3 billion into the foreign exchange market in the past year to ensure liquidity in that segment of the economy.
A breakdown of the numbers shows that about 7.89 billion dollars went into the market in the second quarter of 2018, while N11.88 billion was injected in the third quarter of 2018.
N10.72 billion was pumped into the market in the fourth quarter of 2019 and N11.81 billion went in as at the end of March 2019.
The Director of Corporate Communications Department, at the CBN, Mr Isaac Okorafor, attributes the relative stability in the forex market largely to the bank’s continued intervention.