Forex: CBN Boosts Market With $210 Million

The Central Bank of Nigeria (CBN) has again injected the sum of $210 million into the inter-bank Foreign Exchange Market.

Figures obtained from the CBN on Wednesday, October 3, 2018, indicate that authorized dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Similarly, customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

While confirming the figures, the Bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor reiterated the CBN’s commitment to continue to boost interbank foreign exchange market to ensure liquidity in the market and sustain stability in the market.

It will be recalled that on Friday, September 28, 2018, the Bank injected the sum of $210million into the inter-bank foreign exchange market.

Meanwhile, the Naira on Wednesday, October 3, 2018 exchanged at an average of N361/$1 in the BDC segment of the market.