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CBN Boosts Forex Market’s Liquidity With $210m

The Central Bank of Nigeria (CBN) today intervened in the inter-bank Foreign Exchange Market with the sum of $210 million to meet customers’ requests in various segments of the market.

According to figures obtained from the apex bank showed that $100 million was provided for authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million.

The figures also indicated that customers needing 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, Corporate Communications Department (CCD), Mr. Isaac Okorafor, assured Nigerians that the Bank would continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

This is even as restated the apex bank’s commitment to manage the forex with a view to reducing the country’s import bills and halting accretion to its foreign reserves.

It would be recalled that last Friday, the bank intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $325.64 million to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.

The Naira continued its exchange rate stability in the Forex market today, exchanging at an average of N361/$1 in the BDC segment of the market.

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