The interbank segment of Nigeria’s Foreign Exchange Market, on Tuesday, May 7, 2019, got a $205m boost from the Central Bank of Nigeria (CBN).
In the sales concluded on for the day, according to figures obtained from the apex bank, authorized dealers in the wholesale segment of the market were offered the sum of $100m, while the Small and Medium Enterprises (SMEs) received a total of $55m.
The remaining $50m was allocated to customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
The Director, Corporate Communications Department, CBN, Isaac Okorafor, while confirming the transactions, said the effort of the bank had helped to stem fluctuations in the exchange rate. This, according to him, had increased the level of confidence investors and the public had in the Naira.
It will be recalled that on Friday, May 3, 2019, the Bank injected the sum of $271.8m and CNY41.1m into the Retail Secondary Market Intervention Sales (SMIS) segment.
Meanwhile, the Naira on Tuesday, May 7, 2019, exchanged at an average of N361/$1 in the BDC segment of the market.