CBN Lifts Forex Market By $210m

The Central Bank of Nigeria (CBN), on Wednesday said it made available the sum of $210m, to meet customers’ requests in various segments of the foreign exchange market.

This brings total intervention over the past week to $553m, after the $343.06m of Thursday, June 14, 2018 to cater for requests in the retail segment of the forex market.

A breakdown showed that $100m was offered to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55m.

The CBN noted that customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

Meanwhile, the statement said the Naira remained stable in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Wednesday, June 20, 2018.