Forex: CBN Strengthens Market With $210m

The Central Bank of Nigeria (CBN), on Wednesday, released the sum of $210 million in various segments of the inter-bank foreign exchange market.

The Bank’s Director, Corporate Communications Department (CCD), Isaac Okorafor, who confirmed the figures, said the latest intervention was in order to continue to sustain the liquidity in the market and guarantee the international value of the naira.

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

Similarly, the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received a $55 million boost.

Mr Okorafor reiterated the Bank’s commitment to continue to achieve its objective of exchange rate stability, thus the continued injection in the foreign exchange market.

THE WHISTLER reported last Friday, that the apex bank injected the sum of $318.03m and CNY 62.18m into the Retail Secondary Market Intervention Sales (SMIS).

Meanwhile, the Naira continued its stability in the forex market, exchanging at an average of N361/$1 in the Bureau De Change segment of the market today.