FOREX: CBN intervenes with $210 million

The interbank segment of the Foreign Exchange Market received a fresh boost with $210 million from the Central Bank of Nigeria (CBN).

At the close of trading on Tuesday, the CBN said authorised dealers in the wholesale segment of the market received about $100 million, while the Small and Medium Enterprises (SMEs) window got $55 million.

Another $55 million was allocated to customers requiring foreign exchange for invisibles, such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

The CBN spokesperson, Isaac Okorafor, said the sales reaffirmed the CBN’s commitment towards sustaining the level of stability in foreign exchange market in the country.

The last intervention on Friday, July 12, saw the Bank injecting $298.7million and CNY39.6million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the rate of exchange between the Naira and the United States dollars in the BDC segment of the market on Tuesday was N360/$1.

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