BUSINESS

Forex Market gets $210m lift from CBN

Published

6 years ago

July 3, 2018

Zacheaus Somorin In Toronto

In its desire to ensure liquidity in the foreign exchange market to meet customers’ requests in various segments of the market, the Central Bank of Nigeria (CBN) has again injected the sum of $210million into the inter-bank Foreign Exchange Market.

Figures obtained from the Bank on Tuesday, July 3, 2018, indicate that the CBN offered $100million to authorized 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), Mr. 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 quest to sustain liquidity in the market and maintain stability.

It will be recalled that last Friday, June 29, 2018, the CBN had intervened to the tune of $318.73 million to cater for requests in the retail 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, July 3, 2018.