CBN intervenes in forex market with $210m

Mathew Dadiya, Abuja

The Central Bank of Nigeria (CBN) has injected the sum of $210 million into the inter-bank Foreign Exchange 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.

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 Director, Corporate Communications Department of the apex bank, Mr. Isaac Okorafor while confirming the figures, reiterated the Bank’s commitment to continue supporting interbank foreign exchange market to ensure economic growth.

The Daily Times recalls that at the last intervention on Friday, June 14, 2019, the Bank injected the sum of $256.4million and CNY37.4million into the Retail Secondary Market Intervention Sales (SMIS) segment.

Meanwhile, the Naira on Tuesday, June 25, 2019, exchanged at an average of N362/$1 in the BDC segment of the market.