CBN injects $210m into forex market

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THE inter bank segment of the Foreign Exchange Market has received a boost of $210 million from the Central Bank of Nigeria (CBN), following sales concluded on Tuesday, June 11, 2019.

According to the figures obtained from the CBN, the authorized dealers in the wholesale segment of the market were offered $100 million, while the Small and Medium Enterprises (SMEs) segment received $55 million.

The sum of $55 million was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance, BTA, among others.

Confirming the figures, Isaac Okorafor, the Director, Corporate Communications Department of the Bank, reaffirmed the apex bank’s commitment towards ensuring stability in the foreign exchange market.

It will be recalled that at the last intervention on Friday, June 7, the Bank injected $294.7 million and CNY31.4 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, June 11, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.

– June 12, 2019 @ 13:55 GMT |

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