Again, CBN Intervenes with $210m

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In line with its desire to ensure liquidity in the foreign exchange market as well as to meet customers’ requests in various segments of the market, the Central Bank of Nigeria (CBN) yesterday injected another sum of $210 million into the interbank foreign exchange market.

Figures obtained from the bank indicate that the CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium scale 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.

The bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, confirmed the figures and reassured the public that the central bank would continue to intervene in the interbank foreign exchange market in line with its quest to sustain liquidity in the market and maintain stability.

Meanwhile, the naira continued its stability in the foreign exchange market, exchanging at an average of N360/$1 in the BDC segment yesterday.