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CBN Supplies $210m Into Forex Market

…tuition fee, BTA, medical bill customers get $55m

The Central Bank of Nigeria (CBN) today injected another sum of $210 million into the inter-bank Foreign Exchange Market in furtherance of its sustained determination to meet customers’ requests in various segments of the market.

Figures provided officially by the apex bank on the market supply, indicated that the the bank offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

Also, customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The Bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, confirmed the figures, adding that those who made bids in the wholesale window would receive value for the bids tomorrow.

Okorafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its resolve to sustain liquidity in the market and maintain stability.

According to him, the steps taken so far by the apex bank in forex management had yielded many positives, particularly as it had to do with reduction in the country’s import bills and accretion to foreign reserves.

It would be recalled that the CBN had last Friday, supplied$262.5 million in the Retail Secondary Market Intervention Sales (SMIS), to cater for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

Interestingly, the naira today sustained its stability in the forex market, exchanging at an average of N360/$1 in the BDC segment of the market.

 

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