CBN Lifts Forex Market With Fresh $210m

Nigeria’s inter-bank Foreign Exchange Market on Monday received another $210million intervention from the Central Bank (CBN).

Mr. Isaac Okorafor, CBN’s Acting Director, Corporate Communications Department (CCD), revealed in a statement that the new intervention was part of the Bank’s spirited effort to ensure that various FOREX needs of customers are constantly met.

Okorafor gave a breakdown of the new interventions at various segments as:

**$100million to authorized dealers in the wholesale segment of the market,

**$55 million to the Small and Medium Enterprises (SMEs) segment,

**$55 million to the Invisibles segment such as tuition fees, medical payments and Basic Travel Allowance (BTA).

The CBN Acting Director further revealed that FOREX requests from the wholesale window would receive value for the bids on Tuesday, January 16, 2018.

Meanwhile, the Bank last Friday, January 12, 2018, intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $262.5 million.

Okorafor said the SMIS intervention was to cater for requests from the agricultural, airlines, petroleum products and raw materials and machinery sectors.

The Naira as of Monday, January 15, 2018, remained stable against the dollar, exchanging averagely at N360/$1 in the BDC segment of the market.