Forex: Inter-bank market gets another $210 million boost

Central Bank of Nigeria (CBN)
Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN), says authorised dealers received $100 million from the bank on Tuesday as part of its intervention in the wholesale segment of the inter-bank foreign exchange market.

Isaac Okorafor, the Director, Corporate Communications, made this known in a statement in Abuja.

According to him, the intervention is to enable the market to meet the requests of its customers.

He said the CBN also allocated $55 million each to the Small and Medium Enterprises (SMEs) and the invisibles segments, comprising requests for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Mr Okorafor said the CBN would continue to intervene in the country’s interbank foreign exchange market, adding that the Bank’s management remained committed to ensuring stability in the market through liquidity.

The statement recalled that the Bank had made interventions totaling more than $547 million in October in the wholesale and retail Secondary Market Sales (SMIS).

Mr Okorafor also said the Naira, on Tuesday, exchanged at an average of N362 to one dollar in the Bureau De Change (BDC) segment of the market.


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