The Central Bank of Nigeria (CBN) on Tuesday sustained its weekly interventions in the foreign exchange (Forex) market with the supply of $210 million in the inter-bank segment of the market
According to data sourced on the intervention, authorized dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium Enterprises (SMEs) and invisibles segments’ users were allotted the $55 million respectively
The Bank’s Director, Corporate Communications Department, Isaac Okorafor, restated the apex bank’s commitment to sustaining the forex market’s liquidity.
He also expressed optimism that the Naira would continue its strong exchange rate against the dollar and other international currencies considering the stability in the market and robust reserves.
It would be recalled that the CBN last Friday, intervened to the tune of $337.16 million in the retail Secondary Market Intervention Sales (SMIS) and CNY56.17million in the spot and short-tenored forwards segment of the foreign exchange market.
At the end of the forex trading today, the Naira exchanged at an average of N360/$1in the BDC segment of the market.
