The Central Bank of Nigeria (CBN), on Tuesday supplied $210 million into the inter-bank foreign exchange (forex) market. The Bank’s Acting Director of Corporate Communications Department, Mr. Isaac Okorafor, confirmed that the apex bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million. Also, $55 million was also allocated to consumers in need of invisibles such as tuition fees, medical payments and Basic Travel allowance (BTA). Okorafor restated that the apex bank’s commitment to continue to intervene in the interbank forex market, in line with its pledge to sustain liquidity in the market and maintain stability. He maintained that the continued forex intervention was to ensure that deposit money banks meet genuine needs of customers in various segments of the market. It would be recalled that on Tuesday, July 10, 2018, the CBN intervened to the tune of $210 million, to cater for requests in the wholesale segment of the market. Meanwhile, at the end of Tuesday’s forex trading at the Bureau De Change (BDC) segment of the market, the Naira exchanged at an average of N360/$, thereby sustaining its exchange rate stability streak for weeks.
CBN Supplies $210Mn Into Inter-Bank Forex Market
