CBN boosts Forex market with $210m

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The Central Bank of Nigeria has intervened in the interbank segment of the Foreign Exchange Market with a boost of $210 million.

Figures obtained from the CBN showed 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 $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 bank’s director of Corporate Communications, Mr. Isaac Okorafor who confirmed the figure, reaffirmed the CBN’s commitment towards ensuring stability in foreign exchange market.

It will be recalled that at the last intervention on Friday, June 7, 2019, the Bank injected the sum of $294.7million and CNY31.4million into the Retail Secondary Market Intervention Sales (SMIS) segment.

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Meanwhile, the Naira on Tuesday, June 11, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.

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