CBN boosts Forex Market with $210m

The Central Bank of Nigeria (CBN), again infused a sum of $210 million in the inter-bank foreign exchange market.

According to the figures obtained from CBN recently, it showed that the Bank offered $100 million to accredited dealers in the wholesale sector of the market, the Small and Medium Enterprises (SMEs) and the sum of $55 million were apportioned to invisibles segments

The Bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor, commented that, the CBN Management remained particularly pleased with how persistent there is stability in the Nigerian foreign exchange market.

Okorafor further confirmed that, the Bank’s commitment to persistently boost the inter-bank foreign exchange market will make it stable and ready to meet customers’ demand.

Similarly, the last Bank intervention was, the sum of $284.2 million and CNY36 million was introduced into the Retail Secondary Market Intervention Sales (SMIS) and in the spot and short tenured forwards segments of the foreign exchange market.

Recently, the Naira was exchanged at an average of N358/$1 in the BDC segment of the market.