CBN Injects $210m into Forex Market

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The interbank window of the foreign exchange market received another boost of $210,000,000.00 from the Central Bank of Nigeria (CBN).

According to figures obtained from the Bank, Tuesday’s interventions were for the wholesale, small and medium scale enterprises (SMEs) and invisibles segments of the market.

The acting Director, Corporate Communications at the CBN, Mr. Isaac Okorafor disclosed that the Bank offered the sum of $100million to the wholesale segment, while the SMEs and invisibles segments each received the sum of $55 million.

He reiterated that the releases were meant to boost liquidity, trade and ease of remittances for legitimate personal commitments.

In spite of the stable rate of N360/$1 and the expected inflow from various sources such as the Eurobond and remittances from the Diaspora, Okorafor said the Bank would continue to intervene in the inter-bank forex market to guarantee liquidity.