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FOREX: CBN Injects $210mn Into Inter-Bank Segments

The Central Bank of Nigeria (CBN) on Tuesday intervened in the inter-bank segment of the Foreign Exchange (Forex) market with the injection of $210 million into three segments of the market.

The Central Bank of Nigeria (CBN) on Tuesday intervened in the inter-bank segment of the Foreign Exchange (Forex) market with the injection of $210 million into three segments of the market.

The bank offered the sum of $100 million to dealers in the wholesale window, while those in the Small and Medium Enterprises (SMEs) window received an allocation of $55 million. This is just as the invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, etc., was also allocated the sum of $55 million.

The apex bank’s spokesman, Isaac Okorafor, who gave these details in a statement, restated the  bank’s commitment to continue to intervene in the interbank foreign exchange market, in line with its determination to sustain its liquidity and maintain stability.

Okorafor stated further that the steps taken so far by the apex bank in the management of forex had paid off, as reflected in reductions in the country’s import bills and accretion to its foreign reserves.

Meanwhile, the Naira exchanged for N361/$1 on the BDC segment of the market during the day’s trading.

 

 

 

 

 

 

 

 

 

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