Forex Market gets CBN’s $210 million boost

Nigeria’s inter-bank Foreign Exchange Market, on Tuesday, July 10, 2018, received the sum of $210m to meet customers’ requests in various segments.

This, the Central Bank of Nigeria (CBN), noted in a statement, is in its determination to meet customer needs in the sundry segments of the market, following which $100m went to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received $55m. The remaining $55m was allocated to customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Acting Director, Corporate Communications Department (CCD), Isaac Okorafor, in the statement assured Nigerians that CBN will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

The CBN, he stressed, will not renege on its promise to manage the forex with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

It will be recalled that last Tuesday, July 3, 2018, the apex bank intervened to the tune of $210m, to cater for requests in the wholesale segment of the market.

Meanwhile, the Naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday, July 10, 2018.