CBN Intervenes In Forex Market With $210m

The Central Bank of Nigeria (CBN), on Tuesday said it injected another $210m into the interbank segment of the Foreign Exchange Market.
According to figures obtained from the CBN, authorized dealers in the wholesale segment of the market were again offered $100m, while the Small and Medium Enterprises (SMEs) window received $55m, just as customers requiring foreign exchange for invisibles like tuition fees, medical payments and Basic Travel Allowance (BTA), among others.
The Director, Corporate Communications Department at the CBN, Isaac Okorafor, who confirmed the sales, reaffirmed the bank’s commitment to sustaining the level of stability in foreign exchange market.
Recall that at the last intervention on Friday, July 12, 2019, the CBN injected all of $298.7m and CNY39.6m into the Retail Secondary Market Intervention Sales (SMIS) segment.
Meanwhile, the rate of exchange between the Naira and the US$ in the BDC segment of the market on Tuesday, July 16, 2019, was N360/$1.