CBN Injects Fresh $210m into Forex Market

• CBN Injects Fresh $210m into Forex Market

The Central Bank of Nigeria (CBN) on Tuesday made available 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 $100 million to authorised dealers in the wholesale segment of the market while the SMEs segment got the sum of $55 million.

According to figures from the Bank, customers requesting forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The CBN had last Friday, following the earlier take-off of its intervention in the sale of forex 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 yesterday.