Economy

Again, CBN Pumps $210m Into Forex Market

The Central Bank of Nigeria (CBN), on Tuesday, said it has again injected a total of $210m into the Inter-bank Foreign Exchange Market, out of which authorized dealers in the wholesale segment offered the sum of $100m.
A statement by the CBN said Small and Medium Enterprises (SMEs) segment and customers requiring foreign exchange for Invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $55m each.
The statement quoted the CBN Director of Corporate Communications, Isaac Okorafor, as saying the apex bank’s effort continues to stabilize the foreign exchange market.
This, according to him, had sustained the level of confidence investors and the public had in the Naira.
Recall that last Friday, June 14, 2019, the CBN injected a total of $256.4m and CNY37.4m into the Retail Secondary Market Intervention Sales (SMIS) segment.
Meanwhile, the Naira on Tuesday, June 18, 2019, exchanged at an average of N362/$1 in the BDC segment of the market.

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