The Nigerian government has intervened in the inter-bank Foreign Exchange market to the tune of $413.5 million to further shore up the value of the Naira, the nation's currency.

The latest intervention underscores the Central Bank of Nigeria (CBN)'s resolve to sustain liquidity in the foreign exchange market, Isaac Okorafor, the apex bank spokesperson said in a statement reaching Xinhua on Tuesday.

He said the bank offered the sum of $100 million to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated a total of 28 million dollars.

He added that the invisible segment was allocated the sum of $25.5 million to meet the needs of those requiring forex for Business and Personal Travel Allowances, school tuition, medicals and others.

The apex bank also released the figures for the auction sales in the retail window last week, totaling $260 million, Okorafor said.

The CBN spokesperson said the Bank was optimistic that the Naira would continue its strong run against the dollar and other major currencies around the world.  

(Xinhua News Agency June 13, 2017)