Again, CBN boosts forex market with $210

Again, CBN boosts forex market with $210
April 09 23:32 2019

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By Mohammed Hassan

The Central Bank of Nigeria (CBN) has again injected $210 million into the inter-bank Foreign Exchange Market in continuation of its sustenance of liquidity in that segment of the market.

Figures obtained from the CBN on Tuesday, April 9, 2019, indicated 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.

A statement by the Bank’s Spokesman, Mr. Isaac Okorafor reiterated the CBN’s commitment to continue to boost interbank foreign exchange market to ensure liquidity and stability in the market.

It will be recalled that on Friday, April 5, 2019, the Bank injected the sum of $247.8million and CNY34.8million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, April 9, 2019 exchanged at an average of N360/$1 in the BDC segment of the market.