Home BANKING & FINANCE Central Bank, Again, Injects $210 Million Into Forex Market

Central Bank, Again, Injects $210 Million Into Forex Market

CBN Governor, Godwin Emefiele

The interbank segment of the Foreign Exchange Market has received another boost of $210 million from the Central Bank of Nigeria (CBN) at concluded sales today, September 10.

Figures obtained from the CBN 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. The sum of $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 Director of Corporate Communications Department of the apex bank, Isaac Okorafor confirmed the figures and assured of the bank’s commitment towards stability in foreign exchange market.

It will be recalled that at the last intervention on September 6, the bank injected the sum of $321.11million and CNY33.3 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

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Meanwhile, the Naira today, exchanged at an average of N357/$1 in the BDC segment of the market.