CBN Boosts Naira, Injects $6.7bn Into Banks For Forex Debts

The Naira is gaining strength against the US Dollar as the federal government takes steps to clear outstanding debts.

In October, the Foreign Exchange market saw a substantial turnover of $2.23 billion.

Both the parallel and official markets saw the Naira’s resurgence as the Central Bank of Nigeria (CBN) reportedly allocated $6.7 billion to assist banks in settling their outstanding debts.

Pascal Oparada, with over a decade of experience, specializes in covering topics related to Technology, Energy, Stocks, Investments, and the Economy.

The volume of US Dollars traded in the Nigerian Foreign Exchange Market (NAFEM) window surged by 23.8% on a monthly basis, reaching $2.23 billion in October 2023, compared to $1.8 billion in September, indicating a notable increase in Forex inflows.

Data reveals that weekly transactions in the official NAFEM exhibited an upward trend throughout October, with turnover rising from $326.44 million in the first week to $642.89 million in the last week, before declining to $163.04 million in the last two trading days of the month.