CBN Boosts Forex Market With $210m

The Central Bank of Nigeria (CBN) has released the sum of $210 million into different segments of the inter-bank Foreign Exchange Market.

Isaac Okorafor, the CBN’s Acting Director in charge of Corporate Communications, who confirmed the figures on Tuesday, said the latest intervention is meant to meet customers’ requests in various segments of the 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.

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

Okorafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market, in line with its determination to sustain liquidity in the market and maintain stability.

The CBN spokesman further stated that the steps taken so far by the Bank in the management of forex had paid off, as reflected by reductions in the country’s import bills and accretion to its foreign reserves.

Meanwhile, the Naira as of Tuesday, March 6, 2018, exchanged against the dollar at N361/$1 on the Bureau De Change segment of the market.