CBN injects $210m to boost Forex market

The Central Bank of Nigeria (CBN), in continuation of its intervention in the foreign exchange market, has injected another sum of $210 million to boost sales in the inter-bank segment of the market.

In the sales conducted on Monday, December 10, 2018 and consummated on Tuesday, December 11, 2018, the Bank offered $100 million to authorized dealers in the wholesale segment of the market in the Tuesday Sales, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. The sum of $55 million was also allotted to the invisibles window to meet needs for tuition fees, medical payments and Basic Travel Allowance (BTA).

The Director, Corporate Communications Department, at the Bank, Mr. Isaac Okorafor, confirmed the figures and assured that the Bank will continue to ensure liquidity of foreign exchange to meet the demand of customers, particularly during the yuletide. It will be recalled that on Tuesday, December 4, 2018, the Bank had injected the sum of $210 into the inter-bank foreign exchange market.

Meanwhile, the Naira on Tuesday, December 11, 2018 continued to exchange at an average of N362/$1 in the Bureau De Change (BDC) segment of the market.