CBN Injects $210m Into Inter-Bank Forex Sector

By InstinctBusiness May 16, 20180

In another round of intervention, the Central Bank of Nigeria (CBN) on Tuesday, May 15, 2018, injected the sum of $210million into the inter-bank Foreign Exchange Market to boost liquidity in the system.

The figures released by the Bank in Abuja indicate that it allocated the sum of $100million to dealers in the wholesale sector, just as the Small and Medium Enterprises (SMEs) segment and invisibles each received the sum of $55 million.

Validating the releases, the Acting Director of Corporate Communications Department (CCD) at the Bank, Isaac Okorafor, said that the continued interventions in the interbank foreign exchange market was mainly to ensure sustained liquidity and stability in the market.

According to him, the interventions by the CBN had impacted the market positively and guaranteed a stable exchange rate for the Naira, which has since stabilized the foreign exchange market.

He reiterated that the Bank’s intervention moves had also seen to a reduction in the country’s import bills and accretion to its foreign reserves.

Meanwhile, the naira exchanged at N362/$1 in the BDC segment of the market on Tuesday, May 15, 2018.