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Forex Market Receives Fresh $210m From CBN

The Central Bank of Nigeria, on Tuesday, continued its weekly intervention in the interbank foreign exchange market, releasing the sum of $210 million into different segments of the market.

The Bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, who made the disclosure, said the latest intervention is 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.

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Customers needing 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.

Okorafor assured Nigerians that the Bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

According to the CBN spokesman, the apex Bank will not renege on its promise to manage the forex with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

It will be recalled that last Tuesday, the CBN intervened to the tune of $210 million, to cater for requests in the wholesale segment of the 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.

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