Post Views: 169 The interbank segment of the nation’s Foreign Exchange Market, on Tuesday, April 16, 2019, again received a $210m boost from the Centr...
The interbank segment of the nation’s Foreign Exchange Market, on Tuesday, April 16, 2019, again received a $210m boost from the Central Bank of Nigeria (CBN), following sales concluded.
According to figures obtained from the apex bank, authorized dealers in the wholesale segment of the market were offered $100m, while the Small and Medium Enterprises (SMEs) segment received $55m, just as customers requiring foreign exchange for Invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
CBN’s Director, Corporate Communications Department, Isaac Okorafor confirmed the transactions and disclosed that the effort of the Bank had helped to reduce exchange rate pressures across all segments of the market. According to him, the stability of the exchange rate underscored the level of confidence investors and the public had in the Naira.
Recall that the CBN, at its last intervention on Friday, April 5, 2019, injected the sum of $247.8 million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment.
Meanwhile, the Naira on Tuesday, April 16, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.