CBN Boosts FOREX Market With $195m

The Central Bank of Nigeria (CBN) on Monday continued its weekly intervention in the inter-bank Foreign Exchange Market with fresh $195million.

Isaac Okorafor, the CBN’s Acting Director in charge of Corporate Communications, who confirmed the figures said the Bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $50 million.

The sum of $45 million was allocated to tuition fees, medical payments and Basic Travel Allowance (BTA), Okorafor said.

The CBN acting director said the apex Bank was upbeat that measures taken so far would help the Naira to sustain its steady run against the dollar and other major currencies around the world.

“The market will remain very stable as long as every player sticks to the forex guidelines,” he said.

It will be recalled that the CBN last week intervened in the various segments of the Forex market with the sum of $195 million.

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Monday.