CBN boosts forex market with $205 million

Want create site? Find Free WordPress Themes and plugins.


The Central Bank of Nigeria (CBN) has boosted the interbank segment of the Foreign Exchange Market with $205 million following the sales concluded on Tuesday.

Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

The sum of $50 million was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

The Director, Corporate Communications Department, Central bank of Nigeria, Mr. Isaac Okorafor, who confirmed the transactions, disclosed that the effort of the bank had helped to stem fluctuations in the exchange rate. This, he said, had increased the level of confidence investors and the public had in the Naira.

READ  SEC begins repayment of investors in Dantata Success

It will be recalled that on Friday, May 3, the Bank injected the sum of $271.8million and CNY41.1million into the Retail Secondary Market Intervention Sales (SMIS) segment.

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

Did you find apk for android? You can find new Free Android Games and apps.

You may also like...

0 thoughts on “CBN boosts forex market with $205 million”

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.