Yesterday, the Central Bank of Nigeria (CBN) intervened in the foreign exchange (forex) market with a  $195 injection into key segments of the economy.The forex inflow, which came on the first day of business after the Eid-el-Fitr celebration, went to various segments of the inter-bank market.

However, the intervention was part of CBN’s plans to shore up the value of the naira against the dollar and achieve its exchange rate stability goal. The naira continued its stability in the forex market, closing at N370/$1 in the parallel market, from N520/$1 in February.
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