Nigeria’s foreign exchange market lifted by $210m injections

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, February 26, 2019, indicated that authorized dealers in the wholesale segment of the market were offered the sum of $100 million, 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. Confirming the figures, the Bank’s Director, Corporate Communications Department, Mr Isaac Okorafor reiterated the CBN’s commitment to continue to boost the interbank foreign exchange market to ensure liquidity in the market. It would be recalled that on Friday, February 22, 2019, the Bank injected the sum of $268.4 million and CNY46.3 million into the Retail Secondary Market Intervention Sales (SMIS) segment. Meanwhile, the Naira on Tuesday, February 26, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.