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CBN Injects $210m Into Inter-Bank Segment of Forex Market

The Central Bank of Nigeria (CBN) on Wednesday supplied the inter-bank segment of the foreign exchange (Forex) market with $210 million in furtherance of its efforts to boost the market’s liquidity.

An analysis of the Forex supply showed that $100 million was provided for authorized dealers in the wholesale segment of the market while the Small and Medium Scale Enterprises (SMEs) segment users got $55 million.

The sum of $55 million was apportioned to invisibles demands such as tuition fees, medical payments and Basic Travel Allowance (BTA)

The Acting Director, Corporate Communications Department of the apex bank, Mr. Isaac Okorafor, who confirmed the supply through a statement reiterated the bank’s commitment to sustain interventions in the Forex market.

He urged Deposit Money Banks to continue to honour requests from genuine customers.

Meanwhile, the Naira on Wednesday maintained its exchange rate stability against other foreign currencies, exchanging at an average of N362/$1 in the BDC segment of the market.

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