Yemisi Izuora
The Central Bank of Nigeria (CBN) has provided the sum of $210 million to support activities in the inter-bank Foreign Exchange Market.
In the intervention, the 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 sum of $55 million was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
According to the Director, Corporate Communications Department, Central Bank of Nigeria, Mr. Isaac Okorafor, the effort of the bank had continued to stabilize the foreign exchange market, as it has sustained the level of confidence investors and the public had in the Naira.
It will be recalled 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 18, 2019, exchanged at an average of N362/$1 in the BDC segment of the market.