Economy

CBN Boosts Wholesale FX Segment, Others With $210m

In its last intervention for the month of July, the Central Bank of Nigeria (CBN), on Tuesday, July 30, 2019, injected another $210m into the inter-bank Foreign Exchange Market.
A breakdown of the figure showed that authorized dealers in the wholesale sector of the market got $100m, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated $55m each.
A statement by the CBN quoted Isaac Okorafor, its Director, Corporate Communications Department, as saying such sustained efforts have sustained the stability of the Naira, just as it increased investor and public confidence in the economy.
Recall that the CBN had in the last intervention on Friday, July 26, 2019, injected the sum of $284.2m and CNY36m into the Retail Secondary Market Intervention Sales (SMIS) segment.
Meanwhile, the Naira on Tuesday, July 30, 2019, exchanged at an average of N358/$1 in the BDC segment of the market.

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