Home BANKING & FINANCE Again, Central Bank Boosts Forex Market with $210 Million

Again, Central Bank Boosts Forex Market with $210 Million

The Central Bank of Nigeria (CBN) has again injected the sum of $210 million into the inter-bank Foreign Exchange Market in continuation of its sustenance of liquidity in that segment of the market.

Figures obtained from the CBN today, Tuesday, indicated that authorized dealers in the wholesale segment of the market were offered the sum of $100 million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Similarly, customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

According to the bank’s spokesman, Isaac Okorafor reiterated the bank’s commitment to continue to boost interbank foreign exchange market to ensure liquidity and stability in the market.

It will be recalled that on April 5, the bank injected the sum of $247.8 million and CNY34.8 million into the RetailSecondary Market Intervention Sales (SMIS) segment.

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Meanwhile, the Naira exchanged at an average of N360/$1 in the BDC segment of the market today, Tuesday.