The Central Bank of Nigeria (CBN) on Wednesday supplied $210 million to the interbank foreign exchange market to sustain the market’s liquidity.
The apex bank’s intervention showed that the sum of $100million was offered to the wholesale segment, while both the Small and Medium Enterprises (SMEs) as well as the Invisibles segments received $55 million each.
The invisible uses of forex comprise tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received a $55 million boost.
The CBN’s Director, Corporate Communications Department, Isaac Okorafor, restated the bank’s said commitment to intervening in the market to sustain its liquidity and stabilise the naira exchange rate against other international currencies.
According to him, the level of transparency in the market is also a confidence booster for the market.
It would be recalled that the CBN in its last intervention on Tuesday, November 16, 2018, supplied the sum of $318.03 million and CNY 62.18m into the Retail Secondary Market Intervention Sales (SMIS).
At the end of the forex trading session today, the naira sustained its exchange rate stability against other foreign currencies, exchanging at an average of N361/$1 in the BDC segment of the market.
