Finance

Forex: Interbank Market Gets $210m Boost

A woman takes Nigerian Naira from a bank's automated teller machine (ATM) in Ikeja district in the commercial capital Lagos November 12, 2014. REUTERS/Akintunde Akinleye

  • Forex: Interbank Market Gets $210m Boost

Authorised dealers in the wholesale segment of the interbank foreign exchange market received $100m as intervention from the Central Bank of Nigeria on Tuesday to meet the requests of their customers.

The CBN also allocated $55m each to the small and medium enterprises and the invisibles segments, comprising requests for tuition fees, medical payments and Basic Travel Allowance, among others.

The Director, Corporate Communications, CBN, Isaac Okorafor, disclosed this on Tuesday and stressed that the CBN would continue to intervene in the country’s interbank forex market.

According to him, the bank’s management remained committed to ensuring stability in the market through liquidity.

The bank has made interventions totalling over $547m within the last one month in the wholesale and retail secondary markets.

Meanwhile, the naira, on Tuesday, exchanged at an average of N362/$1 in the Bureau de Change segment of the market.
Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Samed Olukoya
6 years ago

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