Business

CBN boosts Forex market with $210m

CBN injects $325.56m, CNY14m into Retail SMIS

The Central Bank of Nigeria (CBN) has again boosted the inter-bank Foreign Exchange Market with the sum of $210 million.

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

The sum of $55 million was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

The apex bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor, who made the disclosure, stressed that the effort of the bank had continued to stabilize the foreign exchange market. This, he said, had sustained the level of confidence investors and the public had in the Naira.

It will be recalled that at the last intervention on Friday, June 14, 2019, the Bank injected the sum of $256.4 million and CNY37.4 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, exchanged at an average of N362/$1 in the BDC segment of the market.

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