CBN Sells $210 Into Forex Market

Naira
  • CBN Sells $210 Into Forex Market

The Central Bank of Nigeria has again intervened in the inter-bank foreign exchange market to the tune of $210m.

Figures obtained from the CBN on Tuesday showed that the bank offered $100m to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment received $55m.

Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance were also allocated $55m.

Confirming the figures, the Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, reiterated the bank’s commitment to continue to intervene in the country’s interbank foreign exchange market.

He stressed that the apex bank would continue to ensure liquidity in the market and sustain the stability in the market.

It will be recalled that on Tuesday, September 11, 2018, the apex bank injected a total of $303.91m and CHY46.58m into the spot and short-tenored forwards of the inter-bank foreign exchange market.

Meanwhile, the naira on Tuesday September 18, 2018 exchanged at an average of N361/$1 in the BDC 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 Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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