CBN Injects $210m Into Forex Market

The interbank segment of the Foreign Exchange Market, on Tuesday, received another $210m boost from the Central Bank of Nigeria (CBN).
Figures obtained from the apex bank indicated that authorized dealers in the wholesale segment of the market were offered $100m, while the Small and Medium Enterprises (SMEs) segment received $55m, same as was allocated to customers requiring foreign exchange for Invisibles like tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
A statement by the CBN quoted Isaac Okorafor, its Director, Corporate Communications Department as reaffirming the commitment by management towards ensuring stability in the foreign exchange market.
Recall that at the last intervention on Friday, September 6, 2019, the CBN injected $321.11m and CNY33.3m into the Retail Secondary Market Intervention Sales (SMIS) segment.
Meanwhile, the Naira on Tuesday, September 10, 2019, exchanged at an average of N357/$1 in the BDC segment of the market.