CBN Sustains FOREX Intervention, Boosts market with $210m

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The Central Bank of Nigeria on Tuesday injected the sum of $210m into the interbank foreign exchange market.

According to a statement, the CBN offered $100m to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment got the sum of $55m.

It said $55m was also allocated for invisibles such as tuition fees, medical payments and basic travel allowance.

The Acting Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, restated the apex bank’s resolve to continue to intervene in the interbank forex market, in line with its pledge to sustain liquidity in the market and maintain stability.

Okorafor maintained that the continued forex intervention was to ensure that the CBN met the requests of genuine customers in various segments of the market.

Meanwhile, the naira stood at an average of N360/$1 in the Bureau De Change segment of the market on Tuesday.

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