The Central Bank of Nigeria (CBN) on Tuesday supplied $210 million into the nation’s inter-bank foreign exchange (Forex) market in furtherance of its sustained efforts to ensure liquidity of the market
According to figures provided by the apex bank on the intervention, out of the amount supplied into the market, $100 million was offered to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.
Similarly, customers requiring foreign exchange for invisible needs such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.
The apex bank’s Director of Corporate Communications Department, Isaac Okorafor, restated the bank’s determination to intervene in the inter-bank forex market to ensure that its liquidity is sustained.
He explained that the timely intervention would tackle illiquidity challenges in the market as all genuine customers would have access to enough forex to meet their demands.
It would be recalled that last Tuesday, the apex bank supplied a total sum of $303.91 million and CHY46.58 million into the spot and short-tenored forwards of the inter-bank forex market.
At the end of today’s forex market trading, the Naira exchanged at an average of N361/$1 in the BDC segment of the market and sustained its exchange rate stability against other international currencies.
