Forex Market Gets $210m Intervention

• Forex Market Gets $210m Intervention

The Central Bank of Nigeria (CBN) yesterday injected the sum of $210 million into the interbank foreign exchange market, in continuation of its sustenance of liquidity in that segment of the market.

Figures obtained from the CBN on indicated that authorised 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.

The CBN had last Friday, injected the sum of $247.8million and CNY34.8million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the naira yesterday exchanged at an average of N360/$1 in the BDC segment of the market.