Nigeria’s central bank injects another $210m into inter-bank forex market

The Central Bank of Nigeria (CBN) has made available the sum of $210 million to meet customers’ requests in various segments of the inter-bank foreign exchange market.

A breakdown of the intervention include $100 million to authorized dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) segment got a boost with the sum of $55 million.

According to figures obtained from the CBN on Tuesday, June 26, 2018, customers requesting 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.

The CBN had last Thursday, June 20, 2018 intervened to the tune of $210 million to cater for requests in the wholesale segment of the forex market.

Meanwhile, the naira continued its stability in the market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday, June 26, 2018.