CBN uplifts forex market with $210m

CBN uplifts forex market with $210m
August 29 00:21 2018

By Nasir Kura

The Central Bank of Nigeria (CBN) has injected another sum of $210 million into the inter-bank Foreign Exchange Market, in its desire to ensure that forex is available for customers’ needs in various segments of the market.

According to the figures obtained from the CBN on Tuesday, 28th August, 2018, the Bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. 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.

Mr. Isaac Okorafor, the Bank’s Acting Director, Corporate Communications Department (CCD), confirmed the figures and reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability.

It will be recalled that on Thursday, August 23 and Friday, August 24, 2018, the Bank injected a total sum of $543.22 million and CNY 63.21 million into the inter-bank foreign exchange market.

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N361/$1 in the BDC segment of the market on Tuesday, August 28, 2018.