Forex Market Gets $210m CBN Boost

A money changer holds Turkish lira banknotes next to UA money changer holds Turkish lira banknotes next to U.S. dollar bills at a currency exchange office in central Istanbul April 15, 2015.
  • Forex Market Gets $210m CBN Boost

The interbank segment of the Foreign Exchange Market has received a boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded yesterday by the regulator.

According to figures obtained from the bank, authorized dealers in the wholesale segment of the market were offered the sum of $100 million.

Similarly, the Small and Medium Enterprises (SMEs) segment received the sum of $55 million, while 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.

The Director, Corporate Communications Department, Isaac Okorafor confirmed the transactions and disclosed that the effort of the Bank had helped to reduce exchange rate pressures across all segments of the market. According to him, the stability of the exchange rate underscored the level of confidence investors and the public had in the Naira.

It will be recalled that the Bank, at its last intervention on Friday, April 5, 2019, injected the sum of $247.8 million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the naira on Tuesday, April 16, 2019, exchanged at an average of N360/$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]; Tel: +2347065163489.

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