The Central Bank of Nigeria (CBN) today intervened in the interbank segment of the nation’s foreign exchange market with $210 million to boost the market’s liquidity and by so doing, meeting customers’ needs in the market.
Available statistics on the intervention indicated that the apex bank provided $100 million for the authorized dealers in the wholesale segment while customers in the Small and Medium Enterprises (SMEs) and the invisibles segments each got $55 million.
The invisible needs of the market comprise tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
The apex bank’s Acting Director, Corporate Communications, Isaac Okorafor, who confirmed the level of intervention in the interbank segment of the market, restated the bank’s commitment to intervening in the forex market in line with its monetary policy drives towards sustaining the market’s liquidity and stability.
It would be recalled that the apex bank had last Thursday and Friday intervened in the same segment of the market with $543.22 million and CNY 63.21 million.
Meanwhile, at the end of today’s trading, the Naira sustained its exchange rate stability in the BDC segment of the market, exchanging at N361/$1.
