CBN intervenes with $210 million in FOREX market

Photo: wallpaperpimper.com

The Nigerian inter-bank foreign exchange market received another boost with an injection of about $210 million from the Central Bank of Nigeria (CBN) on Tuesday

Details of the transactions showed the Bank offered $100 million to authorized dealers in the wholesale sector of the market.

Another $55 million each was also allocated to the Small and Medium Enterprises (SMEs) and the invisibles segments of the market.

The CBN spokesperson, Isaac Okorafor, said the CBN management remained pleased with the prevailing stability in the Nigerian foreign exchange market.

The exchange rate of the Naira to the dollar has remained largely average at about N360 to the dollar.

On Tuesday, the currency exchanged at an average of N358/$1 in the Bureau de Change segment of the market.

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Mr Okorafor said to reaffirm the Bank’s commitment to continue to boost interbank foreign exchange market to ensure stability and availability to meet customers’ demand.

At the last CBN intervention, about $284.2 million and CNY36 million were injected into the Retail Secondary Market Intervention Sales (SMIS) and in the spot and short tenured forwards segments of the foreign exchange market.

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