Forex Market Gets $210m CBN Boost

The Central Bank of Nigeria (CBN) continued its weekly intervention in the inter-bank Foreign Exchange Market with $210 million.

Isaac Okorafor, the CBN’s Acting Director in charge of Corporate Communications, who confirmed the figures on Tuesday, said the latest intervention was mainly to ensure sustained liquidity and stability in the market.

A breakdown of the Bank’s latest round of intervention indicates that the CBN again 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.

The invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, was allocated the sum of $55 million.

The CBN director explained that the interventions by the apex Bank had impacted the market positively and guaranteed a stable exchange rate for the Naira, which has since stabilised the foreign exchange market.

He reiterated that the Bank’s interventions had reduced the country’s import bills and led to accretion to its foreign reserves.

Meanwhile, the naira exchanged at N362 to a dollar in the Bureau De Change segment of the market.