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CBN Injects $210m Into Forex Market

The Central Bank of Nigeria, CBN, today injected another sum of $210 million into the inter-bank Foreign Exchange Market.

The intervention is to ensure the availability of forex and also meet customers’ requests in various segments of the market.

A breakdown of the market funding showed that the apex bank 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.

In addition, 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 Acting director, Corporate Communications Department of the apex bank, Isaac Okorafor, confirmed the figures, adding that those who made bids in the wholesale window would receive value for the bids tomorrow.

He reassured the public that the 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.

In addition, Okorafor hinted  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.

Meanwhile, the naira continued its exchange rate stability in the forex market today, exchanging at an average of N360/$1 in the BDC segment of the market.

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