Forex: CBN Injects $210m into Inter-Bank Market

In continuation of its periodic intervention in the foreign exchange market, the Central Bank of Nigeria (CBN) on Tuesday injected another sum of $210 million into the inter-bank foreign exchange market. Figures released by the CBN on Tuesday indicated that authorised dealers in the wholesale segment of the market received the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated the sum of $55 million each.

The Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, confirmed the figures and restated the Bank’s resolve to always meet the request of genuine customers in the various segments of the market.

It will be recalled that on Friday, January 25, 2019, the Bank injected a total sum of $289.76million into retail Secondary Market Intervention Sales (SMIS) and CNY38.70million in the spot and short-tenored forwards of the inter-bank foreign exchange market. Meanwhile, the naira on Tuesday, January 29, 2019 continued to exchange at an average of N360/$1 in the Bureau De Change (BDC) segment of the market.