The Central Bank of Nigeria (CBN) on Tuesday supplied the inter-bank Foreign Exchange (Forex) market with the sum of $210 million to sustain the market’s liquidity.
An analysis of the apex bank’s intervention showed that authorized dealers in the wholesale segment of the market received $100 million while the Small and Medium Enterprises, SMEs, segment got the sum of $55 million.
Also, customers requiring foreign exchange to meet invisible needs such as tuition fees, medical payments and Basic Travel Allowance, BTA, among others, also got allocated the sum of $55 million
The bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, assured Forex users that the bank would continue to intervene in the market in furtherance of its promise to sustain liquidity in the market and maintain stability.
According to him, the apex bank’s interventions in the Forex market aligns with the overall national objectives of ensuring efficient management of the nation’s foreign reserves and that only genuine customers have access to foreign exchange.
Meanwhile, at the end of the day’s trading, the naira sustained its exchange rate stability against other foreign currencies in the Forex market, exchanging at an average of N360/$1 in the BDC segment of the market.
