Business

CBN boosts Forex market with $210m

CBN injects $325.56m, CNY14m into Retail SMIS

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

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

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

The CBN Director, Corporate Communications Department, Mr. Isaac Okorafor, confirmed the sales, just as he reaffirmed the Bank’s commitment towards sustaining the level of stability in the foreign exchange market.

It will be recalled that at the last intervention on Friday, July 12, 2019, the Bank injected the sum of $298.7million and CNY39.6million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the rate of exchange between the Naira and the United States dollars in the BDC segment of the market on Tuesday, July 16, 2019, was N360/$1.

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