CBN Sustains Liquidity In Forex Market With $205 Million

The Central Bank of Nigeria (CBN) on Tuesday, May 28, 2019, injected the sum of $205 million into the inter-bank foreign exchange market to sustain liquidity in the market

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

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 $50 million.

Recall that the Bank, at its last intervention injected the sum of $268.6million and CNY29.2 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

The Naira on Tuesday exchanged at an average of N361/$1 in the BDC segment of the market.

Okorafor stated that the several interventions in the forex market by the CBN had created stability in all the exchange rate windows as well as increased the level of confidence investors had in Naira.