Forex: Naira Lifted With $210 Million CBN Injection

CBN Governor, Emefiele

The Central Bank of Nigeria (CBN) has released the sum of $210 million to meet customers’ requests in various segments of the foreign exchange market.

The CBN, in its quest to meet customers’ needs in the various segments of the market offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got boosted with the sum of $55 million.

According to figures obtained from the Bank on Tuesday, July 31, 2018, customers requesting 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.

It will be recalled that the Bank last Friday, July 27, 2018 and following the earlier take-off of its intervention in the sale of foreign exchange in Chinese Yuan (CNY), injected the sum $340, 507, 376.51 into the interbank retail Secondary Market Intervention Sales.

This was in addition to the sale of CNY 69,858,087.15 in the spot and short tenored forwards.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday, July 31, 2018.