Nigerian Inter-Bank Forex Market Gts $210m CBN boost

The nation’s inter-bank foreign exchange market received another $210m boost from the Central Bank of Nigeria (CBN) following transactions concluded on Tuesday, July 23, 2019.
CBN spokesman, Isaac Okorafor, who disclosed this on Wednesday, July 24, 2019, said authorized dealers in the wholesale sector of the market received $100m, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated $55m each.
He said the CBN management remained particularly pleased with the prevailing stability in the Nigerian foreign exchange market. According to him, the CBN Management, as noted by the Governor in his post-Monetary Policy Committee meeting briefing on Tuesday, July 23, 2019, welcomed the continued stability in the foreign exchange market and the steady accretion to country’s external reserves.
The spokesman said the CBN would, therefore, continue its intervention in the forex market to ensure liquidity, maintain stability and meet customers’ demand.
At the last Bank trading, the sum of $298.7 million and CNY39.6 million were injected into the Retail Secondary Market Intervention Sales (SMIS) and in the spot and short-tenured forwards segments of the foreign exchange market.
Meanwhile, the Naira on Wednesday, July 24, 2019 exchange at an average of N357/$1 in the BDC segment of the market.