Forex: Inter-Bank Market Gets Additional $210m Boost From CBN

The Central Bank of Nigeria (CBN) on Tuesday, October 30, 2018, gave the sum of $100 million to authorized dealers in the wholesale segment of the inter-bank foreign exchange market.

This was disclosed by its Director in charge of Corporate Communications, Isaac Okorafor, who on Tuesday stated that the Bank would continue to intervene in the country’s interbank foreign exchange market.

According to him, the management is focused on ensuring stability in the market through liquidity and has allocated the sum of $55million each to the Small and Medium Enterprises (SMEs) and the invisible segments, comprising requests for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

It will be recalled that the Bank made interventions totaling over $547million within the last one month in the Wholesale and Retail Secondary Market Sales (SMIS).

Meanwhile, the Naira, on Tuesday, October 30, 2018, exchanged at an average of N362/$1 in the BDC segment of the market.