Forex Market gets CBN’s $210 million boost

The inter-bank Foreign Exchange Market has received the sum of $210million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market.  In its determination to meet the customers’ needs in the sundry segments of the market, the CBN offered $100million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million, according to figures obtained from the Bank on Tuesday, July 10, 2018.

The figures also indicated that customers needing 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.  The Bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, assured Nigerians that the Bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability. According to Mr. Okorafor, the CBN will not renege on its promise to manage the forex with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

It will be recalled that last Tuesday, July 03, 2018, the Central Bank of Nigeria (CBN) intervened to the tune of $210.0 million, to cater for requests in the wholesale segment of the market. Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday, July 10, 2018.