CBN Boosts Forex Market With $210m  

BY EDMOND ODOK, ABUJA – The Central Bank of Nigeria (CBN) has boosted the Nigerian Inter-Bank Foreign Exchange market with 210 million dollars following the conclusion of transactions on Tuesday

According to figures released by the apex bank, 100 million dollars was on offer for authorised dealers in the wholesale sector of the market.

A statement by the CBN’s Director of Corporate Communications Department, Isaac Okorafor, also explained that the Small and Medium Enterprise (SMEs) and the invisible segments got allocations of 55 million dollars each from the transactions.

He further said the CBN’s management is particularly happy with the prevailing stability in the Nigerian foreign exchange market, adding that the apex bank is committed to sustained interventions that will boost inter-bank foreign exchange market, towards enhanced stability and availability in meeting customers’ demand.

Available figures from its last intervention indicated that 284.2 million dollars and CNY36 million were injected into the Retail Secondary Market Intervention Sales (SMIS) as well as the spot and short tenured forwards segments of the foreign exchange market.

This is as the Naira exchanged at an average of N358 to a dollar in the Bureau De Change (BDC) segment of the market as at Tuesday, August 6, 2019.