Nigeria’s Forex Market Get Further $210m Intervention

Nigeria’s Forex Market Get Further $210m Intervention

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Post Views: 471 Contrary to advise by the International Monetary Fund (IMF) in a recent report, the Central Bank of Nigeria (CBN) on Tuesday, March 6,...

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Contrary to advise by the International Monetary Fund (IMF) in a recent report, the Central Bank of Nigeria (CBN) on Tuesday, March 6, 2018, said it injected a total of $210m to the interbank foreign exchange market.

According to the CBN, $100m was offered to authorized dealers in the wholesale segment of the market, while the Small and Medium Scale Enterprises (SMEs) segment received the sum of $55m; just as another $55m was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA)

Acting Director, Corporate Communications Department of the CBN, Isaac Okorafor, while confirming the figures, reassured the public of its desire to sustain the interbank foreign exchange market intervention.

This, he stressed, is in line with its determination to sustain liquidity in the market and maintain stability, adding that the steps taken so far in the management of forex has paid off, as reflected by reductions in the country’s import bills and accretion to its foreign reserves.

The Naira on Tuesday, March 6, 2018 exchanged for N361/$1 on the BDC segment of the market.

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