CBN Boosts Forex Market With $205 Million

The interbank segment of the Foreign Exchange Market on Friday received a boost of $205 million from Nigeria’s Central Bank, CBN.

The boost follows the CBN’s earlier intervention of the sum of $271.8million and CNY41.1million into the Retail Secondary Market Intervention Sales (SMIS) segment on Friday.

This was disclosed by CBN’s Director, Corporate Communications Department, Mr. Isaac Okorafor after the conclusion of sales in the foreign market on Tuesday, May 7, 2019.

Okorafor expressed satisfaction with the performance and stability of the country’s economy, noting that the effort of the bank had helped to stem fluctuations in the exchange rate which according to him had increased the level of confidence investors and the public had in the Naira.

According to the apex bank authorized dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

The sum of $50 million was also allocated to customers requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA).

Meanwhile, the Naira on Tuesday, May 7, 2019, exchanged at an average of N361/$1 in the BDC segment of the market.