CBN Uplifts Forex Market With $210m

The Central Bank of Nigeria (CBN), continued its weekly forex intervention on Tuesday, injecting the sum of $210 million into the inter-bank Foreign Exchange Market.

The Bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, who confirmed the figures, said the latest intervention is to ensure that forex is available for customers’ in various segments of the market.

According to the figures obtained from the CBN, the apex Bank offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

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.

Okorafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability.

It will be recalled that on Thursday, August 23 and Friday, August 24, 2018, the Bank injected a total sum of $543.22 million and CNY 63.21 million into the inter-bank foreign exchange market.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N361/$1 in the BDC segment of the market on Tuesday.