CBN lifts Forex market with fresh $210m injection — Daily Times Nigeria

CBN lifts Forex market with fresh $210m injection

Motolani Oseni

The Central Bank of Nigeria (CBN) on Tuesday lifted the interbank segment of the Foreign Exchange (Forex) market with a fresh injection of $210 million.

The apex Bank yesterday explained that the authorised dealers in the wholesale segment of the market received about $100 million, while the Small and Medium Enterprises (SMEs) window got $55 million.

The breakdown of the intervention further showed that another $55 million was allocated to customers requiring foreign exchange for Invisibles, such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Confirming the forex injection, Director, Corporate Communications Department of the CBN, Isaac Okorafor, said the sales reaffirmed the CBN’s commitment towards sustaining the level of stability in the foreign exchange market in the country.

It would be recalled that the central bank in its last intervention on Friday, July 12, 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 stood at N360/$1, however, lost marginally by 0.04 per cent at the Investors and Exporters (I&E) FX window, to close at N361.25 compare to an opening rate of N360.59.

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