Nigeria central bank boosts FX market with $210m

The Central Bank of Nigeria (CBN), Wednesday, May 2, 2018, injected the sum of $210 million into the inter-bank Foreign Exchange market in continuation of its efforts to sustain liquidity in the market.

The CBN offered the sum of $100 million to authorized dealers in the wholesale segment of the market. The Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million while the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and basic travel allowance (BTA).

A statement from Isaac Okoroafor, CBN acting director, corporate communications department, confirmed the figures and reiterated CBN’s capacity to continue to sustain the foreign exchange intervention.

Okorafor urged deposit money banks to continue to honour requests from customers with genuine needs, noting that the CBN will continue to sustain liquidity in the foreign exchange market.

Meanwhile, the nation’s currency continued on Wednesday, May 2, 2018 to maintain its stability in the FX market, exchanging at an average of N362/$1 in the BDC segment of the market.