CBN floods Forex market with $457.3m

Central Bank of Nigeria (CBN) on Monday, injected the sum of $457.3 million into various segments of the market.

This followed a lull witnessed in the foreign exchange market last week. The breakdown of the offers indicates that both the spot and forwards segments garnered a total of $267.3 million while the wholesale segment got $100 million.

Also, the SME and invisibles segments comprising of basic travel allowance, tuition fee and medical got and $50 million and $40 million respectively.

Meanwhile, a check on the volume of trading on the Investors and Exporters foreign exchange window in the past three weeks on the FMDQ platform revealed that the sum of $600 million has for been sold by both the CBN and autonomous sources.

When contacted for comments on the developments in the market, the Acting Director, Corporate Communications at the Central Bank of Nigeria, Isaac Okorafor, expressed satisfaction with the level of activities in the market.

While confirming the sales figure for the day, Mr Okorafor singled out the Investors and Exporters segment noting that the volume of activities is indicative of the fact that investors are being attracted to the financial market and the economy in general.