CBN Boosts Forex Supply With $195m

• CBN Boosts Forex Supply With $195m

The Central Bank of Nigeria has intervened in the inter-bank foreign exchange market with the injection of another $195m.

Figures released by the bank on Tuesday showed that it offered the total sum of $100m to the wholesale segment, while the Small and Medium-scale Enterprises segment received the sum of $50m.

The invisibles segment comprising tuition, medical payments and basic travel allowance received $45m.

The bank’s acting Director, Corporate Communications, Mr. Isaac Okorafor, confirmed the figures, noting that the intervention was in line with the CBN’s commitment to continue to ensure forex liquidity and meet legitimate demand.

Okorafor maintained that the CBN would continue to intervene in the nation’s forex market in order to sustain the liquidity in the market and guarantee the international value of the naira.

Meanwhile, the naira closed at 360/$1 in the BDC segment of the market on Tuesday. It, however, closed at 363/dollar at the parallel market.