In furtherance of its sustained efforts to ensure adequate liquidity in the foreign exchange (Forex) market, the Central Bank of Nigeria (CBN) on Tuesday provided $210 million for users in the Inter-bank segment of the nation’s Forex market.
Available information on the apex bank’s intervention in the segment of the market showed that authorized dealers in the wholesale segment of the inter-bank foreign exchange market received $100 million.
Forex users at both the Small and Medium Enterprises (SMEs) and the invisibles segments got $55 million each to meet their needs
According to the apex bank, the amount for the invisibles was meant for customers requiring it for tuition fees, medical payments and Basic Travel Allowance (BTA) amongst others.
The bank’s Director, Corporate Communications, Isaac Okorafor, while confirming the intervention, said that it was aimed at ensuring adequate liquidity in the market.
This is even as he reiterated the commitment of the CBN to sustaining its weekly intervention in all segments of the Forex market in order to ease access to foreign currencies through legitimate channels for genuine users in the country.
At the end Forex trading on Tuesday, the Naira maintained its steady exchange rates against major international currencies. For instance, it exchanged for N361/$1 in the BDC segment of the market
