CBN injects $210 million into forex market


The Central Bank of Nigeria (CBN), today injected $210 million into the inter-bank foreign exchange market.
The bank offered $100 million to authorized dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) segment got the sum of $55 million, just as $55 million was also allocated for invisibles such as tuition fees, medical payments and Basic Travel allowance (BTA).
Statement by Acting Director of Corporate Communications of CBN, Mr. Isaac Okorafor, confirmed the figures and restated the apex bank resolve to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.
He maintained that the continued forex intervention is to ensure that the bank meets genuine customers’ requests in various segments of the market.
Last Tuesday CBN intervened to the tune of $210 million, to cater for requests in the wholesale segment of the market.
Meanwhile, the naira continued to exchange at an average of N360 per $1 in the Bureau De Change segment of the market today.