CBN Raises Forex Injection to $210m

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  • CBN Raises Forex Injection to $210m

The Central Bank of Nigeria (CBN) on Tuesday intervened in the interbank foreign exchange (forex) market to the tune of $210 million, higher than the $195 million it offered the preceding week.

Figures obtained from the Bank revealed that the interventions were in the wholesale, small and medium scale enterprises (SMEs) and invisibles windows.

Confirming the figures, the Acting Director, Corporate Communications at the CBN, Mr. Isaac Okorafor said the Bank offered the total sum of $100million to the wholesale segment, while the SMEs segment received the sum of $55 million.

He said the invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, also received an allocation of $55 million.

According to him, the releases were aimed at boosting liquidity, trade and ease of remittances for legitimate personal commitments.

Okorafor said the Bank was quite pleased with the rate of N360/$1, noting that the continued intervention by the CBN in the inter-bank forex market had largely checked unwholesome activities of currency speculators.

He, however, stressed that the CBN would not relent in its monitoring of the market in order to ensure that authorised dealers abide by the extant rules.

However, the naira maintained its value of N360/$1 in the BDC segment of the market yesterday.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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