CBN injects $210m into foreign exchange market

CENTRAL Bank of Nigeria (CBN), again on Tuesday intervened in the inter-bank foreign exchange market to the tune of $210 million.
According to the figures, the bank offered $100million to authorised dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) segment received the sum of $55 million.

Customers requiring 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.

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Confirming the figures, the bank’s director, Corporate Communications Department, Mr Isaac Okorafor reiterated the Bank’s commitment to continue to intervene in the country’s interbank foreign exchange market. Mr Okorafor assured that the apex bank will continue to ensure liquidity in the market and sustain the stability in the market.

A week earlier, the apex bank injected the total sum of $303.91 million and CHY46.58 million into the spot and short tenure forwards of the inter-bank foreign exchange market with.

As a result of Tuesday’s intervention, naira exchanged at an average of N361/$1 in the BDC segment of the market.