CBN Strengthens Forex Market With $210 Million

The Central Bank of Nigeria (CBN) has injected another $210 million into the interbank segment of the Foreign Exchange Market.

This was disclosed on Tuesday by CBN’s Director, Corporate Communications Department, Mr. Isaac Okorafor after the conclusion of sales in the foreign market.

According to Okorafor, the intervention was part of the institution’s effort to help reduce exchange rate pressures across all segments of the market.

He stated that the stability of the exchange rate has however boost ed the level of confidence investors and the public have in the Naira.

Figures obtained from the apex bank reveals that authorized dealers in the wholesale segment of the market were offered the sum of $100million. Similarly, the Small and Medium Enterprises (SMEs) segment received the sum of $55 million, while customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

It would be recalled that the Bank, at its last intervention on Friday, April 5, 2019, injected the sum of $247.8 million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, April 16, 2019, exchanged at an average of N360/$1 in the Bureau de Change (BDC) segment of the market.