Forex: CBN Injects $210m

The Central Bank of Nigeria (CBN), on Tuesday, continued its weekly intervention in the inter-bank foreign exchange (forex) market, releasing the sum of $210 million into different segments of the market.

The CBN Acting Director Corporate Communications Department, Mr. Isaac Okorafor, who confirmed the figures, said $100 million was offered to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

Advertisement

A breakdown of the figures also indicates that $55 million was allocated for invisibles such as tuition fees, medical payments and Basic Travel allowance (BTA).

Okorafor said the latest figures restates the Bank’s commitment to sustain liquidity in the market and maintain stability.

The CBN spokesman maintained that the continued forex intervention is to ensure that the Bank meets genuine customers’ requests in various segments of the market.

It will be recalled that last Tuesday, the CBN intervened to the tune of $210 million, to cater for requests in the wholesale segment of the market.

Advertisement

Meanwhile, the naira continued to exchange at an average of N360/$1 in the Bureau De Change (BDC) segment of the market on Tuesday.

Leave a comment

Advertisement