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

Determined to ensure adequate liquidity in the Inter-Bank segment of the Foreign Exchange market, the Central Bank of Nigeria (CBN), on Tuesday, supplied $210 million to meet end users’ needs.

An analysis of the supply showed that authorized dealers in the wholesale segment of the market offered received $100 million compared to the Small and Medium Scale Enterprises (SMEs) sum of $55 million. The sum of $55 million was allocated to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA).

A statement issued by the Bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, reiterated CBN’s capacity to continue to sustain the foreign exchange intervention.

He urged authorized dealers to help sustain the confidence in the foreign exchange market by continuing to honour requests from customers with genuine needs.

Last Friday, the apex bank intervened in the Secondary Market Intervention Sales (SMIS) to the tune of $349.34 million.

Meanwhile, the Naira maintained its exchange rate stability with the US dollar and other foreign currencies, exchanging at N362/$1 in the BDC segment of the Forex market.

 

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