Central bank of Nigeria building

Analysis and Data

CBN injects $210m into Forex market

By Agency Report

June 26, 2018

The Central Bank of Nigeria (CBN) has injected $210 million into the foreign exchange market (Forex) to meet customers’ requests in various segments, Isaac Okorafor, Acting Director, Corporate Communications says.

In a statement on Tuesday in Abuja, he said $100 million was allotted to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million.

Mr Okorafor notes that according to the bank’s figures, customers requesting foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, are also allocated $55 million.

He recalled that the bank, on Thursday, intervened with $210 million dollars to cater for requests in the wholesale segment of the Forex market.

Meanwhile, the Naira continued its stability in the foreign exchange market, exchanging at an average of N360 per dollar in the Bureau De Change (BDC) segment of the market.