The Central Bank of Nigeria (CBN), on Tuesday supplied $210 million into the inter-bank foreign exchange (forex) market. The Bank’s Acting Director of Corporate Communications Department, Mr. Isaac Okorafor, confirmed that the apex bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million. Also, $55 million was also allocated to consumers in need of invisibles such as tuition fees, medical payments and Basic Travel allowance (BTA). Okorafor restated that the apex bank’s commitment to continue to intervene in the interbank forex market, in line with its pledge to sustain liquidity in the market and maintain stability. He maintained that the continued forex intervention was to ensure that deposit money banks meet genuine needs of customers in various segments of the market. It would be recalled that on Tuesday, July 10, 2018, the CBN intervened to the tune of $210 million, to cater for requests in the wholesale segment of the market. Meanwhile, at the end of Tuesday’s forex trading at the Bureau De Change (BDC) segment of the market, the Naira exchanged at an average of N360/$, thereby sustaining its exchange rate stability streak for weeks.
Related Articles
1.4Mn Establishments Captured In Business Sample Survey So Far – Dr Kale
The Statistician General of the Federation/Chief Executive Officer of the National Bureau of Statistics (NBS), Dr. Yemi Kale, on Thursday disclosed that 1.4 million establishments had been captured in the first phase of the ongoing National Survey of Establishment (NSE) being conducted by the agency nationwide. Dr. Kale, who gave the hint during a media […]
CBN Supplies $210Mn To Boost Inter-Bank Forex Market’s Liquidity
The Central Bank of Nigeria (CBN) on Tuesday supplied $210 million into the nation’s inter-bank foreign exchange (Forex) market in furtherance of its sustained efforts to ensure liquidity of the market According to figures provided by the apex bank on the intervention, out of the amount supplied into the market, $100 million was offered to […]
NITDA, ICPC Open Hackathon Application To Curb Financial Frauds In MDAs
The National Information Technology Development Agency (NITDA) in collaboration with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), has opened the 2022 Hackathon application to address Illicit Financial Flows (IFFs) in federal ministries, departments and agencies (MDAs). Hackathon is an event in which a large number of people meet to engage in collaborative […]