CBN Injects $210m Into Forex Market

The interbank segment of the Foreign Exchange Market, on Tuesday, received a $210m boost from the Central Bank of Nigeria (CBN).
Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were offered $100m, while the Small and Medium Enterprises (SMEs) segment received $55m, while the remaining $55m was allocated to customers in need of forex for invisibles like tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
Confirming the figures, the Director, Corporate Communications Department, Isaac Okorafor reaffirmed the Bank’s commitment towards ensuring stability in the foreign exchange market.
It will be recalled that at the last intervention on Friday, June 7, 2019, the Bank injected the sum of $294.7m and CNY31.4m into the Retail Secondary Market Intervention Sales (SMIS) segment.
Meanwhile, the Naira on Tuesday, June 11, 2019, exchanged at an average of N360/$1 in the BDC segment of the market.