CBN Sustains Forex Intervention, Injects Fresh $210m

The Central Bank of Nigeria (CBN), on Tuesday, has injected  additional sum of $210 million into the inter-bank foreign exchange (forex) market.

According to the statement from the the Bank’s Acting Director of Corporate Communications Department, Mr. Isaac Okorafor, the bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million, just as $55 million was also allocated for invisibles such as tuition fees, medical payments and Basic Travel allowance (BTA).

Okorafor while confirming the figures restated that the apex bank resolve to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

He maintained that the continued forex intervention is to ensure that the Bank meets genuine customers’ requests in various segments of the market.  

It will be recalled that last Tuesday, July 10, 2018, the CBN intervened to the tune of $210 million, to cater for requests in the wholesale segment of the market.

Meanwhile, the naira continued to exchange at an average of N360/$1 in the Bureau De Change (BDC) segment of the market on Tuesday, July 17, 2018.

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