Forex: CBN Boosts Market With $210 Million

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

Figures obtained from the CBN on Tuesday, June 25, 2019, indicate 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. Similarly, customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

Confirming the figures, the Bank’s Director in charge of Corporate Communications Department, Mr. Isaac Okorafor reiterated the Bank’s commitment to continue support interbank foreign exchange market to ensure economic growth.

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

Meanwhile, the Naira on Tuesday, June 25, 2019, exchanged at an average of N362/$1 in the BDC segment of the market.