CBN strengthens foreign exchange market with $210m forex injection

Mathew Dadiya

The Central Bank of Nigeria (CBN) has in continuation of its weekly intervention, injected $210 million into the Inter-bank Foreign Exchange Market in the sustenance of liquidity in that segment of the market.

Figures obtained from the CBN on Tuesday indicated that authorized 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.

The apex bank spokesman, Mr Isaac Okorafor reiterated CBN’s commitment to boosting the interbank foreign exchange market to ensure liquidity and stability in the market.

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.

The Daily Times recalls that on Friday, April 5, 2019, the Bank injected the sum of $247.8million and CNY34.8million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, April 9, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.