Again, CBN Boosts Forex Market With $210 Million

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

A statement issued on Tuesday in Abuja, by Mr Isaac Okorafor, Director, Corporate Communications, CBN, said it is in continuation of the apex bank’s sustenance of liquidity in that segment of the market.

He said details of the distribution indicated that authorised dealers in the wholesale segment of the market were offered 100 million dollars, while the Small and Medium Enterprises (SMEs) segment received 55 million dollars.

“Similarly, customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA) among others, were also allocated 55 million dollars,” he said.

Okorafor reiterated the CBN’s commitment to continually boost the inter-bank foreign exchange market to ensuring liquidity and stability.

According to him, on April 5, the bank injected 247.8 million dollars and 34.8 million Chinese Yuan (CNY), into the Retail Secondary Market Intervention Sales (SMIS) segment.

He added that the naira, on Tuesday exchanged at an average of N360 per dollar in the Bureau De Change segment of the market.

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