Forex: Inter-Bank Market Gets Another $210 Million Boost

Authorized dealers in the wholesale segment of the inter-bank foreign exchange market received the sum of $100 million as intervention from the Central Bank of Nigeria (CBN) on Tuesday, October 30, 2018 to meet the requests of their customers.

The CBN also allocated the sum of $55 million each to the Small and Medium Enterprises (SMEs) and the invisibles segments, comprising requests for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

The Bank’s Director in charge of Corporate Communications, Isaac Okorafor disclosed this on Tuesday and stressed that the CBN would continue to intervene in the country’s interbank foreign exchange market.

According to him, the Bank’s management remained committed to ensuring stability in the market through liquidity.

It will be recalled that the Bank had made interventions totaling over $547million within the last one month in the Wholesale and Retail Secondary Market Sales (SMIS).

Meanwhile, the Naira, on Tuesday, October 30, 2018 exchanged at an average of N362/$1 in the BDC segment of the market.