CBN sustains forex intervention as wholesale, SMEs segments get fresh $210m

Nigeria’s central bank sustained its intervention in the foreign exchange market with the aim of defending the value of the naira as it offered a fresh $210 million on Tuesday to meet the needs of customers in the wholesale, small and medium enterprises (SMEs) and

invisibles segments of the market

In the latest round of intervention, the CBN offered the sum of $100 million to dealers in the wholesale segment, while the SMEs and invisibles segments each received $55 million intervention.

Isaac Okorafor, the apex bank’s director, corporate communications department again assured of the bank’s continued mediation in the interbank foreign exchange market in order to guarantee stability.

Recall that the bank last week also intervened in the wholesale segment of the inter-bank foreign exchange market on Wednesday, November 21, 2018 to the tune of $210 million.

Meanwhile, the Nigerian currency, the naira continued its stable run against the United States

dollars on Tuesday, November 27, 2018, exchanging at an average of N362/$1

in the BDC segment of markets across Lagos and Abuja.