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CBN Boosts Forex Market With $210m

The Central Bank of Nigeria (CBN) has injected another sum of $210million into the inter-bank Foreign Exchange Market as part of its sustained efforts to guarantee forex liquidity and meet customers’ needs in various segments of the market,

Figures obtained from the Bank on Monday indicated that the CBN offered $100 million 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 allocated the sum of $55 million.

 

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

He explained further that the steps taken so far by the Bank in the management of forex was paying off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves which stood at $46 billion as at Friday, March 9, 2018.

The apex bank had  last Friday supplied $355.43 million into the Retail Secondary Market Intervention Sales (SMIS).

Meanwhile, the naira sustained its stability trend in the Forex market, exchanging at an average of N360/$1 in the BDC segment of the market as at the end of transactions on Monday.

 

 

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