Forex Market Gets $210m CBN Boost

The Central Bank of Nigeria (CBN), on Tuesday, continued its weekly intervention in different segments of the inter-bank Foreign Exchange market, injecting the sum of $210 million.

The CBN’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, who confirmed the figures, said the latest intervention is to meet customers’ requests in various segments of the foreign exchange market.

A breakdown of the Bank’s latest round of intervention indicates that the CBN offered the sum of $100 million to dealers in the wholesale window, while those in the Small and Medium Enterprises (SMEs) window received an allocation of $55 million.

Customers requesting 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.

Last Thursday, the apex Bank intervened to the tune of $210 million to cater for requests in the wholesale segment of the forex market.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the Bureau de Change segment of the market on Tuesday.