CBN Injects $210 Million To Sustain Liquidity In Forex Market

The Central Bank of Nigeria (CBN) on Wednesday, April 24, 2019, injected the sum of $210 million to sustain liquidity in the inter-bank foreign exchange market.

This was disclosed by CBN’s Director, Corporate Communications Department, Mr. Isaac Okorafor after the conclusion of sales in the foreign market stating that the CBN will continue to ensure the availability of foreign exchange in order to ensure continued stability in the markets.

According to the apex bank authorized dealers in the wholesale segment of the market, as in previous deals, were offered the sum of $100million, while those in the Small and Medium Enterprises (SMEs) segment got an intervention of $55 million.

Customers purchasing foreign exchange in the invisibles segment such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allotted a total of $55 million.

Recall that the Bank, at its last intervention on Thursday, April 18, 2019, injected the sum of $254.8million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

The Naira on Wednesday, April 24, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.