CBN injects $210m into foreign exchange market

The Central Bank of Nigeria (CBN) has again intervened in the inter-bank Foreign Exchange Market to the tune of $210 million.  According to the figures obtained from the CBN on Tuesday, September 18, 2018, the Bank offered $100million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million. 

Confirming the figures, the Bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor reiterated the Bank’s commitment to continue to intervene in the country’s interbank foreign exchange market. Mr. Okorafor assured that the apex Bank will continue to ensure liquidity in the market and sustain the stability in the market. 

It will be recalled that on Tuesday, September 11, 2018, the Bank injected the total sum of $303.91 million and CHY46.58 million into the spot and short tenored forwards of the inter-bank foreign exchange market with. Meanwhile, the Naira, on Tuesday, September 18, 2018 exchanged at an average of N361/$1 in the BDC segment of the market