CBN Pumps Another $195m into Forex Market

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The Central Bank of Nigeria (CBN), on Tuesday injected another $195 million into the interbank foreign exchange market.

The central bank offered the sum of $100 million to the wholesale window and intervened in the small and medium enterprises (SMEs) segment with $50 million. The invisibles segment, comprising tuition, medical payments and Basic Travel Allowance received $45 million.

Confirming the figures, the Bank’s acting Director, Corporate Communications Department, Mr. Isaac Okorafor, reiterated CBN’s capacity to sustain the ongoing foreign exchange intervention especially now that the nation’s external reserve is on the upward climb, and stands at $34 billion.

Okorafor urged banks to continue to honour requests from customers with genuine needs, noting that the Bank will continue to sustain liquidity in the foreign exchange market.

He also restated the Bank’s determination to achieve its objective of rates convergence, hence the consistent intervention in the foreign exchange market.

Meanwhile, the nation’s currency maintained its stability in the forex market, exchanging at an average of N360/$1 in the BDC segment of the market.