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CBN Boosts Inter-Bank Forex Market With $210M

The Central Bank of Nigeria (CBN) today provided the inter-bank foreign exchange market with the sum of $210 million, to meet customers’ requests in various segments of the market.

An analysis of the forex supply the various segments of the market showed that a sum of $100 million was offered to authorized dealers in the wholesale segment of the market compared to the sum of $55 million supplied to the Small and Medium Enterprises (SMEs).

In addition, figures obtained from the bank 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.

Commenting on the forex supply to the inter-bank foreign exchange market, the Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, reiterated the apex bank’s determination to continue to intervene in the market, in line with its pledge to sustain liquidity in the market and maintain stability.

According to him, the CBN will continue to manage the forex with a view to reducing the country’s import bills and to minimizing depletion of the nation’s foreign reserves.

Last week, the bank intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $210 million, to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.

Today, the naira continued its exchange rate stability trend in the forex market, exchanging at an average of N361/$1 in the BDC segment of the market.

 

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