CBN Injects Fresh $210 Million into Forex Market

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The Central Bank of Nigeria (CBN) on Tuesday injected the sum of $210 million into the interbank foreign exchange (forex) market.

The Bank offered $100million to authorised dealers in the wholesale segment of the market, while the SMEs segment got the sum of $55 million, just as $55 million was also allocated for invisibles such as tuition fees, medical payments and Basic Travel allowance (BTA).

In a statement, the Bank’s Acting Director of Corporate Communications Department, Mr. Isaac Okorafor confirmed the figures and restated the central bank’s resolve to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

Okorafor maintained that the continued forex intervention is to ensure that the Bank meets genuine customers’ requests in various segments of the market.

The CBN had last Tuesday, July 10, 2018, also intervened to the tune of $210 million, to cater for requests in the wholesale segment of the market.

Meanwhile, the naira continued to exchange at an average of N360/$1 in the Bureau De Change (BDC) segment of the market yesterday.