Forex: Interbank Market Gets $210m Boost

• 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.