CBN Strengthens Forex Market With $210m

The Central Bank of Nigeria (CBN), on Tuesday, November 13, 2018, injected the sum of $210 million into different segments of the inter-bank foreign exchange market.

This was disclosed by its Director in charge of Corporate Communications, Isaac Okorafor, who stated that the apex bank would continue to sustain liquidity in the Forex market.

According to figures released by the CBN, authorized dealers in the wholesale segment received the sum of $100 million, while $55 million was allocated to the Small and Medium Enterprises (SMEs).

Also, Invisibles segments, which comprises of customers requiring forex for tuition fees, medical payments and Basic Travel Allowance (BTA) amongst others, got $55 million.

CBN had on Friday, November 2, 2018, made interventions to the tune of $337.16million in the retail Secondary Market Intervention Sales (SMIS) and CNY 56.17million in the spot and short-tenored forwards segment of the foreign exchange market.

Meanwhile, the naira continued its strong run against major currencies around the globe, exchanging for N360/$1 in the Bureau De Change segment of the market on Tuesday.