CBN Boosts Forex Market With Fresh $210m

The Central Bank of Nigeria (CBN) on Tuesday, released the sum of $210 million into different segments of the inter-bank Foreign Exchange Market.

Isaac Okorafor, the CBN’s Acting Director in charge of Corporate Communications, who confirmed the figures said the interventions were in the Wholesale, Small and Medium Enterprises (SMEs) and invisibles segments of the market.

According to Okorafor, the Bank offered the total sum of $100million to the wholesale segment, while the SMEs segment received the sum of $55 million.

He reiterated that the releases were meant to boost liquidity, trade and ease of remittances for legitimate personal commitments.

In spite of the stable rate of N360/$1 and the expected inflow from various sources such as the Eurobond and remittances from the Diaspora, Okorafor said the Bank would continue to intervene in the inter-bank forex market to guarantee liquidity.

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market on Tuesday.