CBN Lifts Forex Market With $210m

The Central Bank of Nigeria (CBN) has 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 on Tuesday, said the latest intervention were in line with the Bank’s commitment to sustain the high level of stability in the Forex market.

A breakdown of the Bank’s latest round of intervention indicates that the CBN again offered the sum of $100 million to dealers in the wholesale window, while those in the Small and Medium Enterprises (SMEs) window received an allocation of $55 million.

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

Mr. Okorafor urged authorized dealers to help sustain the confidence in the foreign exchange market by continuing to honour requests from customers with genuine needs.

It will be recalled that the apex Bank last Friday, intervened in the Secondary Market Intervention Sales (SMIS) to the tune of $349.34m.

Tuesday’s intervention came as one United States Dollar (US$1) exchanged for N362 in the Bureau De Change (BDC) segment of the market.