CBN Lifts Forex Market With $210m

The Central Bank of Nigeria (CBN) on Tuesday, 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 said the latest intervention is meant to meet customers’ requests in various segments of the market.

According to Okorafor, the Bank offered the total sum of $100million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million.

The figures also indicated that 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.

The CBN spokesperson reiterated the Bank’s determination to continue to intervene in the interbank foreign exchange market in line with its pledge to sustain liquidity in the market and maintain stability.

He said 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 Friday, the CBN had again intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $325.64 million to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.

Meanwhile, the naira continued its stability in the Forex market, exchanging at an average of N361/$1 in the BDC segment of the market on Monday.