The Central Bank of Nigeria (CBN) on Tuesday supported the inter-bank Foreign Exchange Market with the sum of $210 million in continuation of its sustenance of liquidity in that segment of the market.
Data provided by the bank on the intervention indicated that authorized dealers in the wholesale segment of the market were offered the sum of $100 million, while the Small and Medium Enterprises (SMEs) segment received $55 million.
Similarly, customers requiring forex for invisibles funding such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.
The Director, Corporate Communication Department of the apex bank, Mr. Isaac Okorafor, stated that the latest intervention was in furtherance of the bank’s commitment to continue to boost interbank forex market to ensure its stability.
It would be recalled that on April 5, 2019, the bank supplied the $247.8million and CNY34.8million into the Retail Secondary Market Intervention Sales (SMIS) segment.
Meanwhile, during Tuesday’s forex trading, the Naira exchanged on the average at N360/$1 in the Bureau de Change (BDC) segment of the market while it also sustained its exchange rate stability for other foreign currencies.
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