CBN Boosts Forex Market With $210m

The Central Bank of Nigeria (CBN) on Tuesday, continued its weekly intervention in different segments of the inter-bank Foreign Exchange market with the sum of $210 million.

The CBN’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, who confirmed the figures, said the latest intervention is part of the Bank’s desire to ensure liquidity in the forex market so as to meet customers’ requests.

According to figures obtained from the Bank today, the sum of $100million was released to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

The invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, was allocated the sum of $55 million.

Okorafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its quest to sustain liquidity in the market and maintain stability.

It will be recalled that last Friday, the CBN had intervened to the tune of $318.73 million to cater for requests in the retail segment of the forex market.

Meanwhile, the naira continued its stability in the forex market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday.