Business
Forex: CBN boosts Forex supply with $195m
The Central Bank of Nigeria has intervened in the inter-bank Foreign Exchange Market with the injection of another $195 million. Figures released by the Bank on Tuesday, November 7, 2017, show that it offered the total sum of $100million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.
The Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor confirmed the figures, noting that the intervention was in line with the CBN’s commitment to continue to ensure FOREX liquidity and meet legitimate demand. Mr. Okorafor maintained that the CBN will continue to intervene in the nation’s FOREX Market in order to sustain the liquidity in the market and guarantee the international value of the Naira.
Meanwhile, the Naira is still exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday, November 7, 2017, maintaining its stability in the FOREX market.
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