CBN Intervenes in Forex Market with $210 Million

The interbank segment of the Foreign Exchange Market has received a fresh boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, July 16, 2019. Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were again offered the sum of $100million, while the Small and Medium Enterprises (SMEs) window received the sum of $55 million.

The sum of $55 million was equally allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others. The Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, confirmed the sales, just as he reaffirmed the Bank’s commitment towards sustaining the level of stability in foreign exchange market.

It will be recalled that at the last intervention on Friday, July 12, 2019, the Bank injected the sum of $298.7million and CNY39.6million into the Retail Secondary Market Intervention Sales (SMIS) segment. Meanwhile, the rate of exchange between the Naira and the United States dollars in the BDC segment of the market on Tuesday, July 16, 2019, was N360/$1.