Interbank FX Market Gets $210m Intervention

Isaac Okorafor
Isaac Okorafor

In continuation of its mediation in the interbank foreign exchange market, the Central Bank of Nigeria (CBN) Wednesday intervened with the sum of $210 million to sustain liquidity in that segment of the market.

According to the figures released by the Bank, authorised dealers in the wholesale segment of the market, as in previous deals, were offered the sum of $100million, while those in the Small and Medium Enterprises (SMEs) segment got a boost of $55 million. Customers purchasing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allotted a total of $55 million.

The Bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor, in a statement, confirmed the transactions, reiterating that the CBN would continue to ensure the availability of foreign exchange in order to ensure continued stability in the markets.

In its last intervention on Thursday, April 18, 2019, the Bank had injected the sum of $254.8million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the naira exchanged at an average of N360/$1 in the BDC segment of the market.