CBN Intervenes at Interbank Market, Sells $210 Million

  • CBN Intervenes at Interbank Market, Sells $210 Million

In an effort to sustain economic activity at the foreign exchange market, the Central Bank of Nigeria on Tuesday sold another $210 million at the inter-bank foreign exchange market.

The report made available showed the apex bank sold $100 million to the wholesale segment of the market, while Small and Medium Enterprises and the invisibles segments were allocated $55 million each.

Mr Isaac Okorafor, the Director, Corporate Communications Department, CBN, reiterated the bank’s commitment to meet the request of genuine customers in the various segments of the forex market.

The Director further said the apex bank will continue to intervene at the interbank and BDC segments to ensure stability in the foreign exchange market.

Meanwhile, the Nigerian Stock Exchange market declined after four consecutive days of increase. The stock market dipped by N31 billion on Monday as profit-taking amid growing uncertainty ahead of the National Elections persist.

The Naira was exchanged at N360 to a US dollar in the Bureau De Change segment of the market.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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