Again, CBN Injects $210m into Forex Market

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The Central Bank of Nigeria (CBN) on Monday intervened in the interbank foreign exchange (forex) market with the sum of $210million to meet customers’ requests in various segments of the market.

In its quest to meet the customers’ needs in the sundry segments of the market, the CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium scale enterprises (SMEs) segment got the sum of $55 million, according to figures obtained from the Bank.

The figures also indicated that customers needing forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, 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.

According to Okorafor, the CBN would continue to manage the forex with a view to reducing the country’s import bills and minimise depletion of foreign reserves.

It will be recalled that in the past week, the CBN intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $210 million, to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.