CBN Boosts FOREX Market with $210 million

Central bank of Nigeria (CBN)
Central bank of Nigeria building

The Central Bank of Nigeria (CBN) on Tuesday injected $210 million into the Inter-bank Foreign Exchange Market in continuation of its sustained intervention to boost liquidity in that segment of the market.

The CBN said authorised dealers in the wholesale segment of the market were offered $100 million, while the Small and Medium Enterprises (SMEs) segment received $55 million.

Similarly, customers requiring foreign exchange for ‘invisibles’ like tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated $55 million.

CBN spokesperson, Isaac Okorafor restated CBN’s commitment to continue to boost the inter-bank foreign exchange market to ensure liquidity and stability in the market.

Last Friday, the Bank injected about $247.8 million and CNY34.8million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday exchanged at an average of N360 to the dollar in the bureau de change (BDC) segment of the market.

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