The Central Bank of Nigeria (CBN) on Tuesday intervened in the interbank foreign exchange (Forex) market with $210m in furtherance of its policy initiatives to sustain liquidity in the market.
Data on the distributions of the sum made available by the apex bank indicated that $100m was provided for the wholesale market, $55m for Small and Medium Enterprises and $55m for customers with invisible requests covering business/personal travel allowances, tuition and medical fees, among others.
The bank’s Acting Director, Corporate Communications, Isaac Okorafor, confirmed that the bank would continue to intervene in the interbank forex market to maintain its stability.
Okorafor reiterated that the steps taken by the CBN in forex management had resulted in drop in the nation’s import bills and sustained stability of the Naira exchange rate and growing foreign reserves.
According to him, the apex bank would sensitise stakeholders today in Abuja and the adjoining states on the Bilateral Currency Swap Agreement between the CBN and the People’s Bank of China with a view to enlightening them on exploring its opportunities for export financing.
Meanwhile, at the end of the trading session on Tuesday, the Naira exchanged for N360/$1 in the Bureau de Change segment of the market.
