Forex: CBN Strengthens Market With $210m

In its quest to meet customers’ needs in the various segments of the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) has made available the sum of $210million.

The CBN’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, who confirmed the figures, said the latest intervention in line with the apex Bank’s pledge to sustain liquidity in the market and maintain stability.

A breakdown of the figures indicates that the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got boosted with the sum of $55 million.

Also, customers requesting 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.

It will be recalled that the Bank last Friday, and following the earlier take-off of its intervention in the sale of foreign exchange in Chinese Yuan (CNY), injected the sum $340, 507, 376.51 into the interbank retail Secondary Market Intervention Sales. This was in addition to the sale of CNY 69,858,087.15 in the spot and short tenored forwards.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday.