Home BANKING & FINANCE Forex: Central Bank Of Nigeria Intervenes With $210 Million

Forex: Central Bank Of Nigeria Intervenes With $210 Million



The Central Bank of Nigeria (CBN) has again, injected the sum of $210 million into the inter-bank Foreign Exchange Market to ensure the availability of forex and also meet customers’ requests in various segments of the market.

At the trading today, Tuesday, the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

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.

The Bank’s Acting Director of Corporate Communications Department, Isaac Okorafor, who confirmed the development reassured the public that the apex bank would continue to intervene in the interbank foreign exchange market in line with its quest to sustain liquidity in the market and maintain stability.

He said that the steps taken so far by the Bank in the management of forex had paid off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves.

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Meanwhile, the naira exchange rate remained stable in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market today, Tuesday. [myad]