CBN boosts forex market with $210m intervention
The Central Bank of Nigeria (CBN) yesterday injected $210 million into the inter-bank Foreign Exchange Market. The intervention is in line with the apex bank’s quest to guarantee the availability of forex for customers’ needs in various segments of the market.
Figures obtained from the CBN showed that that the regulator offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.
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.
The bank’s Acting Director, Corporate Communications Department (CCD), Isaac Okorafor, confirmed the figures and reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability.