CBN injects another $210m into Forex Market

The Central Bank of Nigeria (CBN) has made available the sum of $210million, to meet customers’ requests in various segments of the inter-bank foreign exchange market.

The CBN, in its quest to meet demands in the various segments of the market offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got a boost with the sum of $55 million.

According to figures obtained from the Bank on Tuesday, customers requesting 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.

It will be recalled that the Bank last Thursday, intervened to the tune of $210 million to cater for requests in the wholesale segment of the forex market. Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday.