CBN Boosts Forex Market With $210m

The Central Bank of Nigeria (CBN), on Wednesday, continued its weekly intervention in different segments of the inter-bank Foreign Exchange market with 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.

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

It will be recalled that the Bank last Thursday, June 14, 2018 intervened to the tune of $343.06 million to cater for requests in the retail 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 Wednesday.