CBN Intervenes in Forex Market with Fresh $210m

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Nume Ekeghe

The Central Bank of Nigeria (CBN) on Tuesday intervened in the interbank foreign exchange market to the tune of $210 million.

According to the figures obtained from the CBN, it offered $100million 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.

Confirming the figures, the Bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor, reiterated the central bank’s commitment to continue to intervene in the country’s interbank foreign exchange market. Okorafor assured that the central bank would continue to ensure liquidity in the market and sustain the stability in the market.

The CBN had last Tuesday injected the total sum of $303.91 million and CHY46.58 million into the spot and short tenored forwards of the inter-bank foreign exchange market with.

Meanwhile, the naira, on Tuesday exchanged at an average of N361/$1 in the BDC segment of the market.